Altmaier has an optimistic growth forecast for 2021. The German government recently forecast that the economy would grow by 4.4 percent in the coming year. It doesn’t look like that at the moment – say economists too. But there should not be a new lockdown.
Altmaier has an optimistic growth forecast for 2021
Federal Minister of Economics Peter Altmaier (CDU) has put the federal government’s growth forecast for the coming year into perspective in view of the sharp increase in the number of coronavirus infections in Germany. The positive economic assessments for 2021 are “of course subject to the proviso that we succeed in reducing the high number of infections again,” Altmaier told the newspapers of the Funke media group.
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However, it does not look like that at the moment. According to the Robert Koch Institute, the health authorities in Germany reported 14,714 new corona infections on Saturday morning within one day, more than ever since the beginning of the corona pandemic in Germany. The number of deaths related to Covid-19 disease passed the 10,000 mark on Saturday.
New economic forecast next week
At the beginning of September, the German government had forecast growth in the German economy of 4.4 percent for the coming year and a decline in gross domestic product (GDP) of 5.8 percent for the current year. For 2020 it can be assumed that “the development will largely occur as it was forecast,” said Altmaier.
The leading German economic research institutes had predicted growth of 4.7 percent for the coming year in mid-October. The federal government wants to present a new economic forecast next week.
Even economists are pessimistic about the future. She is worried about the possible economic consequences of a second wave of the corona pandemic. “The economic upswing is likely to largely come to a standstill by spring,” said the chief economist of the state banking group KfW, Fritzi Köhler-Geib, in a dpa survey. “As a result, unemployment is likely to stagnate in the coming months or, if things go bad, increase significantly,” she added. Enzo Weber from the Institute for Employment Research in Nuremberg sees it similarly. “The labor market caught up in the summer, but the recovery is far more sluggish and some areas, such as industry, are continuing to cut jobs.”