Reuters was first to report a move by Germany’s leading economic institutes to massively downgrade their economic growth forecast for Germany in 2021 due to stubborn bottlenecks in global supply chains. Sources revealed to Reuters that the institutes – the RWI in Essen, the DIW in Berlin, the Ifo in Munich, the IfW in Kiel and Halle’s IWH – would announce the next day a cut to their joint forecast for 2021 growth of Europe’s largest economy to 2.4% from the 3.7%. That, in turn, will have knock-on consequences for wider recovery prospects in the eurozone, where the European Commission until now had been hoping to upgrade its 4.8% growth forecast for this year. The Reuters report was later confirmed by the official announcement.
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