Germany will grow by 3.3% in 2021, a downward revision from previous forecast of 3.7%, according to the Ifo Institute press release.
- The lowered growth projection of Germany reflects ongoing supply chain challenges.
- Ifo Institute projects output to grow by 4.3% next year, an upward revision from previous 3.2% forecast.
- The Ifo Institute estimates that the coronavirus pandemic impact on Germany’s economy will amount to 382 billion euros or $483 billion between 2020 and 2022.
German’s robust manufacturing has enabled it to outshine the rest of Europe but shortages of raw materials and parts are hampering growth.
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