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Exclusive-Germany cuts GDP growth forecast to 2.6% for 2021, lifts 2022 estimate to 4.1%

Added 10-26-21 05:04:03am EST - “The German government has slashed its economic growth forecast for this year to 2.6%, but lifted its estimate for next year to 4.1%, two sources told Reuters on condition of anonymity on Tuesday. Economy Minister Peter Altmaier will…” - Finance.yahoo.com

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Posted By TheNewsCommenter: From Finance.yahoo.com: “Exclusive-Germany cuts GDP growth forecast to 2.6% for 2021, lifts 2022 estimate to 4.1%”. Below is an excerpt from the article.

BERLIN (Reuters) - The German government has slashed its economic growth forecast for this year to 2.6%, but lifted its estimate for next year to 4.1%, two sources told Reuters on condition of anonymity on Tuesday.

The revised government forecast for gross domestic product growth compares with an April prediction for the economy to grow by 3.5% in 2021 and by 3.6% in 2022.

Economy Minister Peter Altmaier will present the updated growth forecasts during a news conference on Wednesday. A spokesperson for the Economy Ministry declined to comment.

(Reporting by Holger Hansen and Christian Kraemer; Writing by Michael Nienaber; Editing by Riham Alkousaa)

The prospect of a new “billionaires tax” is dawning while the chances dim for income tax and capital gains rate hikes on the rich. The tax would apply to households worth at least $1 billion, or with three straight years of income over $100 million, according to the Wall Street Journal. Although Sen. Ron Wyden of Oregon, chair of the Senate Finance Committee, has been working on the topic for years, it remains to be seen what specifically will be proposed for a spending bill that can’t afford any Democratic defectors.

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