Economically lower growth forecast for 2021 - and push for a faster vaccination rate

The economic wise men have scaled down their growth expectations for Germany - and are making politicians responsible when it comes to vaccination. 

Berlin - Due to the ongoing Corona * crisis, the top economic advisors to the federal government have lowered their economic forecast for 2021.

For the first quarter, the economic wise men even expect a decline in economic output of around two percent.

The Council of Economic Experts announced this on Wednesday (March 17).

Economics lower expectations for 2021

For the current year, the Council of Economic Experts expects gross domestic product in Germany to grow by 3.1 percent.

The experts have thus lowered their previous expectations - as previously announced.

In the forecast presented in November, the experts were still assuming GDP growth of 3.7 percent for 2021.

After a slump in economic output of 4.9 percent last year, the federal government is currently expecting growth of 3.0 percent in 2021. The federal government had also lowered its forecast.

"As soon as it is possible to effectively limit the incidence of infection and vaccinate larger parts of the population, the service areas, such as the hospitality industry or stationary retail, which are severely affected by the contact restrictions or closings, are likely to revive," explained the economist Achim Truger.

"This should contribute to stronger growth."

Economy: Third wave of infections, greatest risk for the economy

The experts see a possible third wave of infections as the greatest risk for the economy in Germany - if this would lead to restrictions or even closures in industry.

In the spring, factories had to stop their production, also because international supply chains were interrupted.

This had led to a slump in economic output.

Industrial production is currently on the up, according to the Advisory Council.

The international supply chains are largely intact so far, and the demand for goods from Germany is increasing as the global economy continues to recover.

Economics are pushing for a faster vaccination rate

The panel called on politicians to increase the speed of vaccinations.

"In order for Germany to reach the EU target of vaccinating 70 percent of the adult population by the end of September 2021, the current number of daily vaccinations in the vaccination centers must be increased by 50 percent," says Veronika Grimm.

General practitioners and specialists should therefore be included in the vaccination process.

Politicians are planning this - but it is currently unclear when.

The council of experts for assessing macroeconomic development advises politics.

The experts are colloquially referred to as the "economic wise men".

(dpa / utz) * Merkur.de is part of IPPEN.MEDIA.