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Home Politics

Germany’s 2021 growth forecasts slashed amid supply bottlenecks

by Euro News
September 22, 2021
in Politics
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FRANKFURT – Germany’s economic recovery will take a hit this year as global supply-side bottlenecks are putting a brake on activity, the Ifo institute said Wednesday.

Ifo cut its 2021 growth forecast by 0.8 percentage points to 2.5 percent this year. But it raised its forecast by 0.8 percentage points to 5.1 percent for 2022.

“The strong recovery after [the pandemic], which was originally expected for the summer, is further postponed,” said Ifo chief economist Director Timo Wollmershäuser. “At the moment, industrial production is shrinking as a result of supply bottlenecks for important preliminary products.”

For 2023, Ifo expects the German economy to expand by 1.5 percent.

This article is part of POLITICO’s premium policy service: Pro Financial Services. From the eurozone, banking union, CMU, and more, our specialized journalists keep you on top of the topics driving the Financial Services policy agenda. Email [email protected] for a complimentary trial.

Source: Politico

Tags: GermanyGrowth

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