German economy to suffer biggest collapse in 50 years
Thursday, 04 30 2020, Category: Economy, Country: Germany
Germany’s economy is forecast to plummet by a massive 9.8 percent in the April to June quarter in what would be its biggest fall since records began in 1970, as Angela Merkel faces up to a disastrous recession triggered by the coronavirus crisis.
The slump in the three-month period would be more than double that experienced in the first quarter of 2009, when Europe's biggest economy was plunged headfirst into the financial crisis in 2009. Germany has reported nearly 110,000 confirmed cases of coronavirus and more than 2,000 deaths - fifth only behind the US, Spain, Italy and France. The country is currently in lockdown in a desperate attempt to contain the spread of the killer coronavirus, with thousands of schools, shops, restaurants and sports facilities closed as production grinds to a halt.
But according to forecasts from Germany's leading research institutes, the country is facing the deepest slump in economic power ever measured within a quarter, with unemployment and public debt set to skyrocket.
The economy is set to collapse by a huge 9.8 percent in the quarter, after it shrank 1.9 percent between January and March.