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Recovery Loses Momentum – Economy and Politics Still Dominated by the Pandemic: Summary of the Joint Economic Forecast Autumn 2020

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  • Projektgruppe Gemeinschaftsdiagnose

Abstract

As a result of the measures taken to contain the coronavirus pandemic, German economic output fell dramatically in the first half of the year, especially in March and April. A strong countermovement began as early as May, which continued to the current level in almost all sectors. This recovery process is likely to lose momentum: catch-up effects are running out, several sectors are still subject to considerable restrictions, and global investment activity, which is important for the German economy, is likely to remain weak for some time yet. Following a 5.4 percent decline in gross domestic product this year, the institutes therefore expect growth of only 4.7 percent next year and 2.7 percent in 2022.

Suggested Citation

  • Projektgruppe Gemeinschaftsdiagnose, 2020. "Recovery Loses Momentum – Economy and Politics Still Dominated by the Pandemic: Summary of the Joint Economic Forecast Autumn 2020," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 73(11), pages 58-62, November.
  • Handle: RePEc:ces:ifosdt:v:73:y:2020:i:11:p:58-62
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    Keywords

    Konjunktur; Finanzpolitik; Wirtschaftspolitik; Stabilisierungspolitik; Epidemie; Deutschland;
    All these keywords.

    JEL classification:

    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions

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