Germany's IFO cuts 2021 GDP growth forecast to 3.7%

Germany’s IFO institute slashed its forecast for economic growth this year, citing that the extended lockdown in Europe’s no.1 economy is weighing on the recovery prospects.

Key quotes

“IFO cut its 2021 growth forecast for Europe's largest economy to 3.7% from 4.2% previously.”

"The coronavirus crisis is dragging on, and this is pushing back the expected strong upswing.”

“For 2022, IFO raised its GDP growth forecast to 3.2% from 2.5%.”