Advances in vaccination are having a direct impact on the economy.
The dissolution of the consumption backlog contributes above all to growth.
London (AP) - The British gross domestic product (GDP) could reach the level of before the pandemic by the end of this year.
This is based on a forecast by the Confederation of British Industries (CBI).
The CBI experts are predicting GDP growth of 8.2 percent this year, followed by 6.1 percent next year.
The pivotal point is consumer behavior.
People could spend more again with an increase in real household incomes and with money saved over the past year, the report said.
Earlier forecasts did not expect a return to the pre-pandemic level until the end of next year.
However, thanks to the opening steps and the successful vaccination program, the economic recovery comes a year earlier.
However, the CBI experts continue to worry about stagnating productivity in the country and low corporate investments.
According to the CBI, the unemployment rate is also expected to be lower than feared at the end of last year.
One of the reasons for this is the extension of the “Job Retention” program, based on German short-time work, until autumn.
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