Economy

German Economy To Contract 5.5% In 2021

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The German economy is set to see a less severe contraction in 2020 as the easing of Covid-19 containment measures boosted the third quarter growth, Bundesbank said in its semi-annual report released Friday. The economy is projected to shrink 5.5% this year instead of -7.1% projected in June. However, the economic recovery is forecast to be interrupted in the final quarter of 2020 and in the first quarter of 2021 with the resurgence of the pandemic. The central bank expects economic growth of 3% and 4.5% in 2021 and 2022 respectively. However, these rates were smaller than the earlier forecast of 3.2% and 3.8% for 2021 and 2022, respectively.

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