In Germany, the Council of Economic Experts lowered the country's 2021 GDP growth expectation from 3.7 percent to 3 percent.

Chairman of the Council, Lars Feld, stating that the economy could grow by 3 percent in 2021, especially thanks to delayed demand, says they anticipate the reflection of delayed demand to growth, especially in the spring.

"I'm pretty sure the restrictions will start to relax by April at the latest - we'll return to normal as the vaccination gets faster," he signaled that recovery will accelerate in the early spring.

The panel, which advises the government on the country's economy, expects a significant contraction in the current quarter.