German Economy Minister Peter Altmaier expressed optimism regarding the recovery of his country’s economy in the near future. This comes shortly before the German government publishes its new forecasts for the largest economy in Europe, with the government expected to announce its spring economic predictions this week.
In statements to the Funke media group, Altmaier, a member of Chancellor Angela Merkel's Christian Democratic Party, said: "The economy is developing more strongly than many expected, despite the ongoing lockdown measures."
Altmaier added, "In January, we predicted an economic growth rate of 3%, and it seems to be looking somewhat better according to the current figures."
He continued, "There is reason to be optimistic as we will not only stop the economic contraction this year, but we will also reverse its course and witness a recovery this year."
The minister stated that emergency brakes "have strong impacts on the retail, hospitality, and hotel sectors," but noted that other sectors, like industry, continue to develop well.
Altmaier promised businesses that government support would continue, adding, "I am fighting to extend our successful aid program, known as the third phase of crisis relief, beyond June to continue until the end of the year."
He expressed belief that the short-time work system has helped prevent many workers from losing their jobs and has contributed to a leap in the global economic situation. However, he also mentioned that "achieving a recovery this year and next year does not mean that everything will go as well for everyone as it did before the crisis."
Altmaier anticipates a return to pre-crisis levels by 2022 at the latest, indicating that many did not expect the third wave of the pandemic to be this tragic, but nevertheless, the economy is in good condition. He noted that the results and the general mood in companies are better than many had expected.
