Germany's Ifo institute cuts 2021 GDP growth forecast to 4.2%

Germany's Ifo institute expects Europe's largest economy to recover less strongly than expected next year as a stricter lockdown to contain a second wave of infections in the COVID-19 pandemic is holding back consumers and companies, it said.

Ifo cut its gross domestic product (GDP) growth forecast for next year to 4.2% from 5.1% previously. For 2022, Ifo raised its GDP forecast to 2.5% from 1.7%.

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