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German economic institutes cut 2021 growth forecast to 2.4%


© Reuters. FILEPHOTO: A view of the Hauptbahnhof central station, showing empty streets, in the midst of the COVID-19 pandemic. It was January 20, 2021. REUTERS/Fabrizio Bensch

BERLIN, (Reuters) – Germany’s major economic institutes have reduced their combined forecasts for growth in 2021 of Europe’s largest economy from 3.7% to 2.4%. Two people who are familiar with this decision informed Reuters that they did so because supply shortages slow recovery.

On Thursday, the institutes will release their combined growth forecast. They will increase their growth projections to 4.8% next year from 3.9% and project 1.9% economic expansion for 2023.

German authorities have so far forecasted growth of 3.5% this year and 3.6% next. However, they are likely to change their own projections this month.

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