Germany Expects the Economy to Recover Faster

The German government has become a bit more optimistic about the economic recovery and is revising the growth forecast for this entire year upwards.

 

Minister of Economy Peter Altmaier will announce this on Tuesday at a press conference, Bloomberg news agency reports based on an insider.

According to the source, the Ministry of Economic is now predicting growth of 3.5 percent in 2021, against 3 percent in January.

In 2022, growth is expected to accelerate slightly to 3.6 percent. Last year, the German economy shrank by 4.9 percent due to the corona crisis.

On Saturday, Altmaier said in an interview with media company Funke Mediengruppe that there are reasons for optimism and that corona measures have hit companies such as shops and catering companies hard.

He then predicted that the German economy would return to pre-corona levels “by 2022”. This is partly because the industry is holding up better than expected during the corona pandemic.

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