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Frankfurt / Main (dpa) - According to the Bundesbank, the German economy will gradually recover from the consequences of the Corona crisis in early 2021.
In its forecast, the Bundesbank assumes that real gross domestic product (GDP) will «pick up again vigorously» following another setback in winter 2020/2021 as a result of the restrictions on public life.
However, the central bank's economists now expect economic growth of 3.0 percent for 2021, somewhat less than in their June forecast (3.2 percent).
For 2022, however, the Bundesbank is more optimistic and is now expecting 4.5 (June forecast: 3.8) percent growth.
According to the Bundesbank, the decline in the current year will be much lower than expected in June at 5.5 percent (minus 7.1 percent).
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"The economic recovery is mainly driven by private consumption," said Bundesbank President Jens Weidmann, explaining the further development.
"We assume that the containment measures can be gradually relaxed in the spring of 2021 due to medical advances and consumption options will be used again."
Many consumers should then be able to draw on the full potential, because they put more money on the high edge in the Corona year than ever before.
However, the Bundesbank points out that the uncertainties for the economic outlook are high due to the pandemic.
In a less favorable scenario, the gross domestic product of Europe's largest economy will not reach pre-crisis levels until the end of 2023.
© dpa-infocom, dpa: 201211-99-652026 / 2