Bloomberg reports that the Bundesbank said that Germany’s economy is poised for a strong upswing in the second half of this year, with activity likely to reach pre-crisis levels as soon as this summer.

The central bank’s updated projections are more optimistic than in December. They see Europe’s largest economy expanding 3.7% this year and 5.2% in 2022.

“The German economy is overcoming the coronavirus crisis. The pandemic’s containment “will result in substantial catch-up effects, primarily in private consumption as well as in services sectors that had been impacted especially hard by the measures,” Bundesbank President Jens Weidmann said. 

On Thursday, the European Central Bank renewed a pledge to deliver faster bond buying even as it revised higher its own forecasts for the euro-area economy. It also proclaimed for the first time since December 2018 that risks for the region’s outlook are “broadly balanced.”