The growth of the German economy is set to be slower than expected next year due to disrupted supply chains and a new wave of Covid-19 infections, a leading economic think-tank said on Tuesday.
The Ifo institute downgraded its forecast for growth in Europe’s biggest economy in 2022 to 3.7 percent from an earlier estimate of 5.1 percent.
“Ongoing supply bottlenecks and the fourth wave of the coronavirus are noticeably slowing down the German economy, said Timo Wollmershaeuser, Ifo’s head of forecasts.
Disruption caused to supply chains by the pandemic has led to material shortages in everything from wood to semiconductors.—AFP
