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German Economic Growth Forecast Slashed to 3.3% on Supply Chain Concerns

June 16, 2021 by Forex Winner Leave a Comment

German Economic Growth Forecast Slashed to 3.3% on Supply Chain Concerns

Source: Bloomberg

Munich-based research institution Ifo Institute slashed its economic growth projection for Germany  for 2021 on supply chain concerns.

  • Ifo expects Germany’s economy to grow by 3.3% this year from its earlier forecast of 3.7%.
  • The 2022 growth projection was revised upward to 4.3% from 3.2% previously.
  • Losses due to the COVID-19 pandemic are pegged at 382 billion euros or $463 billion from 2020 to 2022. 
  • Ifo Forecast Division Chief Timo Wollmershaeuser attributed the downgrade on the bottlenecks that hound the supply of intermediate products and dampen short-term growth.
  • The reopening of the economy set off a strong recovery but is getting pushed back further than initially expected.
  • Germany has performed relatively better than its peers in Europe as it is mainly backed by manufacturing.

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