Germany’s Economy Expected to Grow 3.5% in 2021

The German economy is expected to grow by 3.5% in 2021, following a decline of 5% in 2020, according to a recent forecast by the BDI industry association released on Tuesday, Reuters reported.

However, the largest economy in Europe is not expected to return to its levels prior to the Coronavirus pandemic until 2022 at the earliest, but there is a good chance that this could take place during the first half of next year.

It is worth noting that last October the German government expected the economy to expand by 4.4% this year.

The recovery of Germany’s economy is foreseen to be led by the industrial sector and its exports, especially with the improving outlook for the global economy.

German exports are expected to rise by 6% this year, following an 11% decline in 2020, according to BDI.