Germany will reach pre-crisis level no earlier than the end of 2021

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Researchers at the Institute for Macroeconomics and Business Research (IMK) have calculated that efforts by the German economy to overcome the recession caused by the coronavirus pandemic will not yield results until the end of next year. The economy will be able to return to the pre-crisis level no earlier than the last quarter of 2021.

Experts predict that the recovery in Germany will be somewhat more dynamic than in other large countries of the European Union and the United States. In 2021, IMK expects a reduction in the number of unemployed by an average of 20 thousand people per year. A more optimistic forecast was provided by the Research Institution of the Federal Employment Agency – IAB. For the coming year, it expects unemployment to drop by 100,000. Whether the forecast took into account the growing number of cases in Germany is not reported.

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