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Germany's IfW-Kiel Raises 2020 GDP Forecast

Germany's economy is expected to contract less than initially projected this year but the economic upturn from the coronavirus driven downturn started to lose momentum, the IfW-Kiel Institute said Thursday.

The largest euro area economy is forecast to slump 5.5 percent this year compared to the previous projection of 6.8 percent.

But growth outlook for 2021 was revised down to 4.8 percent from 6.3 percent as ongoing restriction for some industries and weakness in the global economy in general is slowing down the recovery.

According to IfW-Kiel, GDP will grow 6.2 percent in the third quarter but the recovery will slow down thereafter.

Economic output will not catch up to pre-crisis levels before the end of next year and will then still be 3 percent below the level that would have been possible without the Corona crisis, the institute noted.

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