Bundesbank boss Jens Weidmann expects a comprehensive economic recovery in view of falling incidences and is significantly increasing its forecast for economic growth.
Frankfurt / Main - After the corona-related economic slump at the beginning of the year, the Bundesbank is expecting a strong upturn in the German economy in the current year.
The central bank is forecasting 3.7 percent economic growth for 2021. "The German economy is overcoming the pandemic-related crisis," said Bundesbank President Jens Weidmann on Friday, explaining the growing confidence.
In December, the Bundesbank economists had predicted growth of 3.0 percent for 2021.
In the meantime, the central bank assumes that the corona pandemic can be "pushed back quickly and sustainably" as the vaccinations progress, and that restrictions for the economy and the population will therefore be "quickly relaxed".
"This summer, economic output could reach the pre-crisis level again," Weidmann explained.
Bundesbank expects growth spurt for 2022
The Bundesbank is also significantly more optimistic for 2022 than it was six months ago: Instead of 4.5 percent growth, the economists of the central bank of Europe's larger economy now expect an increase of 5.2 percent in the next year.
In 2023, the growth in real gross domestic product (GDP) will therefore weaken, but will still be 1.7 percent.
Companies are also currently looking to the future with much more confidence.
Last year, the corona pandemic plunged the German economy into the deepest recession since the global financial crisis in 2009.
According to the latest calculation by the Federal Statistical Office, the gross domestic product collapsed by 4.8 percent in 2020.
(dpa)
