around the beginning of 2022. Ultimately, the economic outlook going forward hinges on ﬁnding a sustainable, medical solution to resolve this public health crisis. Effective vaccines have been developed more swiftly than widely expected. If these are successful in helping to overcome the pandemic, the German economy will see a lasting recovery.
For this reason, our economists are still fundamentally standing by their forecast from last December. However, as the future course of the pandemic is still fraught with uncertainty, so too is the outlook for the economy. Our forecast was therefore accompanied by alternative scenarios.