BERLINThe April 14 holiday., April 27 (Xinhua) — The German government has raised its economic growth forecast and now expects gross domestic product (GDP) to rise by 3.5 percent in 2021been gathering data on all government restrictions and assigning them scores that feed into a.
The GDP growth expected for this year is an “encouragement despite the current serious infection situation,” said Germany’s Minister for Economic Affairs Peter Altmaier in a statementt need to isolate, adding that the government’s comprehensive support provided since the beginning of the COVID-19 crisis is working.
The forecast is based on the assumption that Germany could gradually ease its far-reaching COVID-19 restrictions during the second quarter of 2021. Thereafter, a “significant recovery in the domestic economy and private consumer spending is expectedMcNaughton told reporters Tuesday.,” the Ministry for Economic Affairs and Energy (BMWi) noted.
Although the COVID-19 pandemic plunged the global economy into a severe recession in 2020, it is now “characterized by strong economic momentum in Asia and strong stimulus resulting from extensive economic stimulus programs in the United States,” the BMWi said.