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Does national morale never recover?

First game playing as the Central Powers, and I wasn't paying attention to my national morale dropping due to maintenance costs. So despite actually winning the war, the Kaiser surrendered when national morale reached 0. Ok, live and learn, so I restarted from a previous save and brought my maintenance costs down to the point I was making a surplus every turn. However, despite still advancing against the Entente and taking territory and production centres, Germany's national morale never increased. It's sat at 15% for the last 30+ turns.

Is this working as designed? What am I missing here?

I have no evidence, but I am pretty sure Austro-hungarian national morale recovered after taking a -30 hit when losing a battleship.
Happened in a MP game.