Reuters reports that IfW economic institute said that German economy will likely grow by 3.7% in 2021 and reach its pre-crisis levels before year-end, as the progress of the vaccination campaign should help exports and consumption to grow.

IfW revised up its forecast from December, when it had predicted a 3.1% growth. For next year, IfW said it expected the economy to expand by 4.8%, which is above the previous forecast of 4.5% from December.

In 2020, Europe's largest economy shrank by 4.9% due to the pandemic.