Germany’s BDI Lowers 2021 GDP Forecast to 3.0%

Germany’s Bundesverband der Deutschen Industrie (BDI), a powerful industry association, slashes the economic growth forecasts for this year to 3% from 3.5% due to ongoing lockdown measures in Europe’s biggest economy.

BDI stated that its expectation assumes that the measures imposed to curb the spread of the new Corona virus will be greatly lifted by the beginning of the fall and that the operations of the manufacturing sector will not witness any restrictions again.

The association raises forecast for export growth to 8.5% from previous forecast of 6%.