Germany’s IFO cuts 2022 GDP growth forecast to 3.7% from 5.1%
Germany’s IFO institute sharply revised down the country’s GDP growth projections from 5.1% to 3.7% for 2022 amid dwindling economic recovery due to the fourth covid wave.
Key takeaways
Supply bottlenecks, fourth covid wave further delay economic recovery.
Lifts 2023 GDP growth forecast to 2.9% from 1.5%.
Expects GDP in Q4 2021 to shrink by 0.5% QoQ stagnate in Q1 2022.
Confirms 2021 GDP growth forecast of 2.5%.