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Economist Marcel Fratzscher no longer expects a rapid economic recovery this year. “Many economic forecasts are currently characterized by the illusion of a rapid end to the pandemic and immediate economic recovery in 2021,” writes Fratzscher in a guest post for the “Tagesspiegel.” “This should turn out to be an illusion.”
The president of the German Institute for Economic Research (DIW) assumes that the second wave of ongoing infections will not overcome the economic crisis so quickly: “So 2021 could be the year of disappointment, at least as far as the economy is concerned.” .
With this, Fratzscher contradicts those businessmen, economists and politicians who expected a rapid economic recovery for this year. Business insolvencies, but also unemployment, could rise significantly, Fratzscher said. “Especially the weakest, like mini-workers, probably pay the highest price.”
