Regardless of the uncertainty surrounding estimates of this kind over long periods of time, German potential growth is likely to be weaker in future than in past decades due, above all, to the demographics-driven decline in the number of hours worked.
BIS central bankers’ speeches  3  And yet, the question does arise in this context whether, given the declining and ageing society, the expansion rates of past decades can serve as a suitable yardstick for advanced economies. Ultimately, however, this has been a valid question in Germany for quite some time now.