German 2021 growth seen weaker

16 April, 2021 12:00 AM printer

BERLIN: German economic growth will be weaker than expected in 2021, leading research institutes said Thursday, as ongoing coronavirus restrictions continue to slow a recovery by Europe's largest economy.

Germany's gross domestic product will expand by only 3.7 percent this year, five economic think-tanks including Ifo, DIW and RWI said in their annual spring report, revising down more optimistic predictions made in the autumn by one percentage point, reports AFP.

"As a result of the ongoing shutdown, economic performance is expected to drop by 1.8 percent in the first quarter," said Torsten Schmidt of RWI.