German economy still robust
The COVID-19 pandemic is also an enormous economic challenge. As a result, the German government is in constant contact with leading experts, including the German Council of Economic Experts, which has now published its latest economic forecast.
Return to pre-crisis level by the end of the year
After a drop in economic output in the first quarter of 2021, the economic recovery is expected to continue over the coming months. This presupposes that progress is made on the vaccination campaign, with the pandemic contained, which will make it possible to ease restrictions. Economic output could bounce back to the pre-crisis level by the end of the year. For 2021 the German Council of Economic Experts forecasts 3.1 per cent growth, which is expected to rise to 4.0 per cent in 2022.
The German Council of Economic Experts is an independent body that has advised the German government on economic policy matters since 1963. The five members of the Council are appointed by the Federal President for a five-year term on the basis of the recommendation of the German government. The Council publishes an annual economic report in addition to special reports and studies on selected issues.