The German Economic Institute Ifo on Wednesday cut the country’s GDP growth forecast for 2021 by 0.8 percentage points to 2.5%, in light of supply chain disruptions and slowing post-pandemic economic recovery.
Additional details
“Raises the German growth forecast for 2022 by 0.8 percentage points to 5.1%”
“The German economy will grow 1.5% in 2023.”
“See German inflation at 3.0% in 2021, 2.3% in 2022 and 1.6% in 2023.”
Timo Wollmershaeuser, chief economist at Ifo, said: “The strong recovery from the coronavirus crisis, originally expected for the summer, is further postponed. Industrial production is currently declining as a result of supply bottlenecks for important intermediate goods. At the same time, service providers are recovering strongly from the coronavirus crisis. “
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