Reuters reports that Germany’s Ifo institute said Europe’s largest economy would likely shrink by 5.2% this year, raising its previous estimate for a 6.7% drop.

For 2021, Ifo cut its economic forecast for Germany to 5.1% growth from its previous estimate of 6.4%. It expects the economy to expand by 1.7% in 2022.

The number of people out of work is seen rising to 2.7 million this year from 2.3 million in 2019, before edging down to 2.6 million in 2021 and then to 2.5 million in 2022.

That would translate into a jump in the unemployment rate to 5.9% this year from 5.0% last year. The rate would then drop to 5.7% percent in 2021 and 5.5% in 2022, Ifo said.