&gt; Moreover the recent development showed that Germany was making gains in demographics with higher birth rate and net migrations...  Germany&#x27;s demographics is actually changing very quickly (and rather favorably).<p>First, higher birth rate and net migrations are usually a (short-term) <i>drag</i> on GDP, not a boost.<p>Secondly, you can&#x27;t look at Germany outside the context of being a member of the EU and Eurozone (and currently a very important <i>creditor</i> in the Eurozone). That has a huge impact on Germany&#x27;s economy.