By Maria Martinez
German economic expectations improved significantly in May, reaching its highest value in more than 20 years, the ZEW economic research institute said Tuesday.
The measure of economic expectations rose to 84.4 in May from 70.7 in April, the institute said. The outcome is above economists' forecast of 71.0 points, taken from a survey by The Wall Street Journal.
This is the highest value so far since the beginning of the pandemic, the ZEW institute said.
"The slowing down of the third COVID-19 wave has made financial market experts even more optimistic," Achim Wambach, president of the ZEW institute, said.
The assessment of the current economic situation in Germany also improved to minus 40.1 in May from minus 48.8 in April, the ZEW institute said. The reading compares with economists' forecast of minus 43.0 points.
Mr. Wambach said experts expect a significant economic upswing in the coming six months.
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(END) Dow Jones Newswires