Last of all, I will present the Bundesbank’s annual accounts for 2020, which reﬂect many of these developments. 2 Economic developments in Germany A little less than one year ago, the coronavirus pandemic triggered a global economic slump at unprecedented speed. Within the space of just a few weeks, mandatory and voluntary containment measures brought entire economic sectors to a standstill around the world.
International supply chains were disrupted, meaning that, in some cases, factories were no longer able to continue production. Services sectors with high frequencies of interpersonal contact – such as travel, hotels, restaurants, leisure and culture – were affected even more severely. However, government-mandated containment measures are not the only factor to have impacted economic life.