The German economy is a ticking time bomb even without Versailles. They funded over 90% of their entire war effort by borrowing, leaving them with a debt of 156 Billion marks in 1918, note the Versailles reparations were considered almost unpayable at 132 billion marks. They got out of this OTL due to hyperinflation making the money used to pay them back worthless. Now they have French Reparations ITTL, but those are only 10 Billion marks. So Germany is in for an economic crisis in the 20's
Nobody else is in for good times either. The French and Belgians are in for some serious economic disruptions due to territorial losses and the French having to pay reparations on top of that. Furthermore than and the British are lacking in German reparations. The British while not having to pay reparations themselves have the issue of needing to spend significantly more on their military than OTL. Italy is having a civil war, which is going to screw up their economy
Basically the only nations that might be doing better than OTL are Austria-Hungary and the US, the former because it isn't having an integrated economic torn apart by tariff walls between different countries, the latter because it is likely to have more government/military spending and less money coming in, avoiding the overinflating of the economy, and even then they might only be doing as well as OTL, or even slightly worse. It is simply that to my knowledge they don't have giant problems like the others
Of course it is also possible that we don't have a large scale return to the gold standard allowing monetary freedom to deal with these issue, but that goes against the economic orthodoxly of the time
