The snap election for the 21st German Bundestag has just taken place. Voter turnout was the highest since 1987. The CDU has emerged as the largest party, but at the same time has suffered the second-worst result in its history. The SPD has hit an all-time low. The Greens have lost only slightly. The FDP and BSW failed to clear the 5 per cent threshold. The AfD is clearly the second-strongest party. It has thus doubled its result compared with the last federal election.

Furthermore, Donald Trump’s second term as President of the United States of America began not so long ago. The new US administration is currently abandoning the transatlantic community of values.

This political situation has prompted us to provide you with an up-to-date economic assessment.

Christiane von Berg is Head of Economic Research for the Benelux and DACH regions at Coface.

Sabine Paulus is Editorial Treasury Manager for the Equity & Debt and Risk Management departments at VDT e.V.