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Germany’s Economy Minister Peter Altmaier said on Thursday that he expects the German government to revise up its 2021 GDP growth forecast significantly from 3%, as reported by Reuters.

“We’ll not only be able to stop the economic slump this year  but we can reverse it and regain our old strength next year,” Altmaier added.

On Wednesday, Reuters reported that  Germany’s economic institutes will revise their forecast for 2021 economic growth lower to 3.7% from 4.7% amid longer-than-expected coronavirus restrictions.

Market reaction

Germany’s DAX 30 Index edged modestly higher following these comments and was last seen gaining 0.25% on the day at 15,245.