Five years after the Great Recession the economic recovery in many countries remains remarkably subdued. Labor markets have started to improve, but only very gradually. Above all, investment spending has barely reached the levels recorded ten years ago despite historically low interest rates. Uncertainty surrounding the future direction of policies, especially in the euro area, has apparently led to a wait-and-see attitude of businesses when it comes to investing into future markets. The credit-fueled boom that preceded the financial crisis left the economies with a debt overhang and severe mismatches in the production structures that now require considerable adjustment in parts of the capital stock. The 92nd Kieler Konjunkturgespräch discusses from various perspectives the role of, and the challenges for, investment in bringing the economies back on a sustainable growth path.