Germany's Economic Growth Forecast for This Year Revised Up by 1%P to -5.8%

[Asia Economy Reporter Ki-min Lee] The German government has revised its economic growth forecast for this year upward by 1 percentage point to -5.8%.

According to local media on the 1st, Peter Altmaier, Minister of Economic Affairs and Energy, stated that the German economy, which was shocked by the spread of the novel coronavirus infection (COVID-19), is recovering rapidly, leading to the upward revision of the economic growth forecast.

At the end of April, when COVID-19 was spreading across Europe, the German government had forecast this year's economic growth rate at -6.8%.

Minister Altmaier predicted that Germany's Gross Domestic Product (GDP) will recover to pre-COVID-19 crisis levels by 2022.

He also said that shutdown measures such as store closures will not be implemented again to prevent the resurgence of COVID-19.

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