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Germany's Ifo institute cuts 2021 GDP growth forecast to 3.7%

FILE PHOTO: Shops affected by the COVID-19 lockdown in the western German city of Essen

BERLIN (Reuters) - Germany's extended COVID-19 lockdown is delaying a much hoped-for economic recovery this year, the Ifo institute said on Wednesday, as it cut its 2021 growth forecast for Europe's largest economy to 3.7% from 4.2% previously.

"The coronavirus crisis is dragging on, and this is pushing back the expected strong upswing," Ifo chief economist Timo Wollmershaeuser said.

For 2022, Ifo raised its GDP growth forecast to 3.2% from 2.5%.

(Reporting by Michael Nienaber; Editing by Riham Alkousaa)