BERLIN—The German government on Wednesday cut its growth forecast for this year to 2.6 percent but raised its estimate for next year to 4.1 percent as supply bottlenecks for semiconductors and rising energy costs delay the recovery in Europe’s largest economy. Confirming an earlier Reuters report, Economy Minister Peter Altmaier said the economy remained robust despite the COVID-19 pandemic, but supply chain woes in manufacturing and a surge in energy prices were complicating the recovery. “In view of the current supply bottlenecks and high energy prices worldwide, the hoped-for final spurt will not happen this year,” Altmaier said. “In 2022, the economy will gain momentum significantly.” The delayed recovery means that the German economy won’t reach its pre-crisis level this year, but likely at the beginning of 2022. The revised government forecast for gross domestic product growth compares with an April prediction for the economy to grow by 3.5 percent …
Germany Cuts 2021 Growth Outlook as Supply Problems, Energy Prices Bite
October 27, 2021
admin
0 Comment