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- German economic recovery loses momentum - institutes
German economic recovery loses momentum - institutes
Reuters reports that Germany's leading economic research institutes forecast that Europe's largest economy will recover more slowly from the coronavirus pandemic than originally predicted.
The institutes expect the economy will shrink by about 5.4% in 2020, a bigger decline than the 4.2% they forecast in April.
The institutes' forecast, which forms the basis for the government's own economic predictions, expects a rebound of 4.7% in 2021, also more pessimistic than their April forecast for 5.8% growth. They expect growth of 2.7% in 2022.
The institute said the recovery was being held back by sectors particularly hard hit by social distancing restrictions such as restaurants, tourism, events and air travel.
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