Will the German economy soon come out of the Corona-Jammertal? Peter Altmaier is optimistic. The minister of economics predicts that things will start to improve again in October at the latest.
According to Federal Minister of Economics Peter Altmaier, the economic downturn in the corona pandemic could end in autumn. "I am sure that we can stop the downturn in our economy after the summer break and that the economy in Germany will grow again from October at the latest," said the CDU politician to "Bild am Sonntag". The German economy will shrink by six percent in 2020, the minister said. For 2021, however, he expects growth of more than five percent.
Altmaier was also confident about the development of the labor market. Here he expects an improvement from November. "I expect Corona to see unemployment levels peak this year by around October this year, and they may slowly start going down again in November," the economics minister told the newspaper. Altmaier's goal was to return to pre-crisis employment levels by 2022.
Most recently, the Ifo Institute had forecast a strong upswing in the German economy after the severe corona recession in the second half of the year. Munich economists expect Germany's economic output to decrease by 6.7 percent in 2020 compared to 2019. The Ifo Institute expects growth of 6.4 percent in 2021.