REFILE-The German economy is likely to reach pre-crisis levels by mid-2022-governance | Instant News


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BERLIN, Jan 25 (Reuters) – Germany’s economy, Europe’s largest, is likely to reach pre-pandemic levels by mid-2022, according to a draft document prepared by the economy ministry and seen by Reuters on Monday.

The world economic situation, underutilized production capacity and preliminary indicators point to further recovery of the German economy, the ministry said in its draft annual economic report.

Germany’s budget deficit is seen at 7% this year when compared to gross domestic product, leading to a debt ratio of 72.5%, the ministry said, as Berlin spent billions of euros to cushion the economic hit from the pandemic. (Reporting by Christian Kraemer and Andreas Rinke; written by Thomas Seythal; editing by Riham Alkousaa)

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