Economy: Extension of the lockdown does not weaken the economy

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A possible lockdown extension is therefore no reason to lower the forecast.

Economy: Extension of the lockdown does not weaken the economy

An extension of the previous corona control measures beyond November will not further impair the economic outlook in Germany. This is what the Council of Experts is assuming for the assessment of macroeconomic development.

The forecast in the annual report had already taken into account “that the restrictions in force in November will in some way continue to exist over the winter,” said the chairman of the economy, Lars Feld, the newspapers of the “Funke Mediengruppe” (Wednesday editions). Therefore, there is currently no reason to deviate from the forecast if the restrictions are not tightened, “for example, schools close or value chains are interrupted.”

Due to a strong economic recovery in Germany in the third quarter, the economic experts are expecting a decline in gross domestic product (GDP) of 5.1 percent for the current year. In June the council had predicted a minus of 6.5 percent for 2020. Growth of 3.7 percent is expected for the coming year.

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