Experts have skewed the growth estimate of the German economy

A panel of experts advising the German government on economic issues has reduced the estimate for this year's growth in Europe's largest economy to 3.1 percent. The previous outlook published in November expected an increase in economic performance of 3.7 percent. The panel published it at a time when the restrictions related to the second lockdown came into force in the country, which are still largely in force. Last year, Germany's gross domestic product (GDP) fell by 4.9 percent. This is the end of a decade of uninterrupted growth in the country. The slump was also the steepest since the 2009 financial crisis. For 2022, economists forecast growth at four percent. "Despite the second wave of infections and the ongoing lockdown, at least in Germany, we are far from the challenging economic situation of spring 2020," said panel member Volker Wieland. He added that global trade had recovered significantly, with economic activity improving in China, Asia and especially the United States. In the fourth quarter of last year, the German economy grew by 0.3 percent compared to the previous quarter. According to Wieland, a decline is expected in the current quarter, but a recovery should follow, thanks to progress in the still slow vaccination campaign.