Economists expect German GDP to grow 3.7% this year

The German economy will start a notable recovery this year. The country's GDP will grow by 3.7%, according to the forecast released yesterday by the Halle Institute for Economic Research (IWH).

In the 1st quarter, the decline in economic indicators will continue due to the lockdown, but economists expect a gradual rise of restrictions soon. “The strong recovery in demand is supported by the fact that disposable income of households has remained generally stable, also thanks to government support measures,” said IWH Vice President Oliver Holtemöller.

In 2022, economic growth in Germany will continue, experts of the institute believe. According to the IWH forecast, next year it will be another 3.6%.
After a drop in GDP by 4.9% in 2020, experts are quite optimistic about the speed of recovery of the German economy. Thus, the Federal Association of German Industry (BDI) in January presented a forecast of GDP growth in Germany by 3.5%.

Recall that last week, President of Uzbekistan Shavkat Mirziyoyev and Federal Chancellor of Germany Angela Merkel held talks on expanding multifaceted cooperation between the countries.