Analysts at Natixis point out that given the gaps between productivity gains and growth in the working-age population, it is possible that by 2040, German GDP will be close to the French level.
"The size of its population due to population ageing, even though the population will remain markedly higher than in France in 2040."
"The standard of living and the size of the economy, given the contraction in industry, which is more serious in Germany than in France, Spain or Italy where it is less pronounced."
"Growth and stagnating productivity despite population ageing, which will lead to negative potential growth."
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