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Economic outlook

In its economic forecast from January 2021, the International Monetary Fund (IMF) expects global economic growth to return to 5.5 % in 2021 after the historic downturn in 2020. We also expect to see a tangible economic recovery in our core markets, although it will likely be the end of 2021/the start of 2022 before economic activity returns to pre-coronavirus levels.

Forecast on the development of GDP and the unemployment/non-employment rates in our core markets for 2021 and 2022

%

 

 

 

 

 

GDP for 2021 compared
with 2020

GDP for 2022 compared
with 2021

Unemployment/
non-employment rate in 2021

Unemployment/
non-employment rate in 2022

Germany

3.7

3.6

6.1

5.7

United States

4.4

3.4

6.0

4.8

Greece

3.8

5.3

17.5

16.7

Romania

4.0

4.9

6.2

5.1

Hungary

4.4

4.6

4.4

3.9

Poland

4.1

4.6

5.3

4.1

Czech Republic

3.6

4.9

3.3

3.2

Croatia

4.7

5.0

7.5

6.9

Netherlands

2.8

2.9

6.4

6.1

Slovakia

4.7

4.4

7.8

7.1

Austria

3.4

3.6

5.1

4.9

Source: Consensus Economics, European Commission; last revised: January 2021.

The unemployment rate for Germany and the non-employment rates for the other countries are presented in conformance with ILO standards.