Germany’s economic advisers cut 2021 growth forecast

BERLIN (AP) — The German government’s panel of independent economic advisers has cut its 2021 growth prediction for Europe’s biggest economy to 2.7%. It’s the latest in a series of downgrades by forecasters. The panel’s new forecast on Wednesday was down from the 3.1% it predicted in March. It expected gross domestic product to expand by 4.6% in 2022, with the economy likely to return to its pre-pandemic size in next year’s first quarter. Germany’s recovery from the coronavirus pandemic is progressing more slowly than originally anticipated amid concern about higher energy prices and stubborn bottlenecks in supplies of raw materials and parts.