German economy to shrink by 7.1% this year
Wednesday, 05 20 2020, Category: Economy, Country: Germany
The German economy will likely contract by 7.1% this year before expanding by 7.2% next year as the coronavirus pandemic takes its toll, the IfW institute said on Tuesday.
“At its peak, German economic output shrank by more than 15%due to the coronavirus shock and it remained at this level throughout April,” the IfW said.
It said the economy would likely contract by 11.3% in the April-June quarter but growth was likely again from the third quarter.