FRANKFURT AM MAIN: Germany's economy will shrink more than expected in 2020 and not regain strength until end-2021, leading research institutes said t...
View of a street cafe at Alexanderplatz in Berlin in March. Sectors dependent on close social contacts, such as food and drink, tourism and events, have been particularly hurt by the Covid-19 pandemic . – AFPPIXGermany's economy will shrink more than expected in 2020 and not regain strength until end-2021, leading research institutes said today, as a coronavirus resurgence weighs on the recovery.
"Although a good part of the slump from the spring has already been made up, the remaining catch-up process represents the more arduous route back to normality," said Stefan Kooths, head of economic research at IfW Kiel. The German economy initially bounced back sharply after it emerged from the spring lockdowns in early May, allowing consumer spending and exports to ramp up.
Although Germany has so far coped better with the pandemic than many of its neighbours, it recorded more than 5,000 new cases on Wednesday, the highest level since April.
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