close
Advertisement
Can't connect right now! retry

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!

World

AFP
March 30, 2020

Economists believe German economy to go in recession

World

AFP
Mon, Mar 30, 2020

BERLIN: Measures to contain the coronavirus outbreak will slash German 2020 economic output by 2.8 to 5.4% before a rebound next year, a panel of economists who advise the government said on Monday.

"The German economy will shrink significantly in 2020," the so-called "Wise Men" expert panel (SVR) said, with the exact size of the impact "depending on the extent and duration of health policy measures and the subsequent recovery".

Like other economists around the world, the group sketched different scenarios for the virus' impact on Europe's top economy depending on whether it follows a "V" shape, with a sharp drop matched by a swift recovery, or a more prolonged "U" in which the rebound takes longer to materialise.

Germany's 83 million people are currently under slightly less strict lockdown conditions than in other European nations like France and Italy, with non-essential excursions outside mostly still allowed.

But companies from airline giant Lufthansa to car behemoth Volkswagen have already slashed their operations in response.