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German economy to grow 2.1% in 2021, 4.9% in 2022

by Mike Robinson

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© Reuters. FILEPHOTO: ThyssenKrupp AG’s steel workers are seen ejecting sparks from the blast furnace of Germany’s largest steel mill in Duisburg. REUTERS/Wolfgang Rattay/File Photo

BERLIN (Reuters) – The German economy will grow slower than expected this year as supply chain problems and shortages of raw materials keep a lid on the industrial recovery, but it should rebound strongly next year, the DIW economic institute said on Thursday.

DIW cut its growth forecast to 2.1% this year from 3.2%. But it projected a rise of 4.9% for 2022 in case production constraints ease. In 2023, it expects to see growth at 1.5%.

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