Economic Outlook

Joint Economic Forecast 1/21: Pandemic delays upswing – Demography slows growth

Authors

  • Torsten Schmidt
  • Oliver Holtemöller
  • Stefan Kooths
  • Claus Michelsen
  • Timo Wollmershäuser
Publication Date

In their spring report, the leading economic research institutes forecast an increase in gross domestic product of 3.7 percent in the current year and 3.9 percent in 2022. The renewed shutdown is delaying the economic recovery, but as soon as the risks of infection, particularly from vaccination, have been averted, a strong recovery will begin. The economy is likely to return to normal output levels around the start of the coming year.

Kiel Institute Expert