"Again they have a highly balanced team and Joachim Löw, already a coaching legend of the World Cup who, for me, remains extremely focused," said the former Real Madrid and Barcelona star Figo to German sports magazine kicker. "His strengths have shown in Germany's performances at the last tournaments, and the team is by-no-means weakened compared to 2014.
"So they are one of the top favourites for the World Cup title."
Germany open their World Cup campaign against Mexico on 17 June before facing Sweden on 23 June and South Korea on 27 June to complete the group stages.
Figo, who made 127 international appearances for Portugal and played in two World Cups, has also said that he has a great respect for the way Germany continue to produce exceptional football talent.
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"I find this constant interchange of the German team really fascinating. New talents are permanently coming to what is an already great squad. It will once again be very hard to compete against this team."