Dr. Dominik Groll

The purpose of the report is to provide a systematic overview of the relevant data related to Big Data and their potential for macroeconomic analysis (in particular business cycle monitoring and forecasting). In this context, both the possibilities and the challenges that may arise due to data availability, data quality, methodological requirements or the manageability of the data will be discussed in detail.

Embedded in a comprehensive outlook for the world economy, the Joint Economic Forecast („Gemeinschaftsdiagnose“, GD) prepares in-debth analyses and forecasts for the German economy (detailed 2-year horizon and 5-year medium term projections including potential output estimations). These forecasts are input for the projections of the Federal Government in Germany. The forecasting exercise is carried out jointly by a group of economic research institutes. Based on the diagnostic results and taking into account important issues in the public debate on economic issues the institutes also come up with policy recommendations.

Dr. Dominik Groll, labor market expert at the Kiel Institute for the World Economy, comments on the planned increase of the statutory minimum wage in Germany to 12 euros per hour as of October 2022, which is to be approved by the Federal Cabinet today: