FRANKFURT, Oct 14 — Germany’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. German gross domestic product will contract by 5.4 per cent, deeper than a previous...
German gross domestic product will contract by 5.4 per cent, deeper than a previous prediction made in April of 4.2 per cent, according to five think-tanks including Ifo, DIW and RWI in their annual autumn report. — Reuters pic
German gross domestic product will contract by 5.4 per cent, deeper than a previous prediction made in April of 4.2 per cent, according to five think-tanks including Ifo, DIW and RWI in their annual autumn report. Pre-crisis levels of economic output will “probably not be reached until the end of 2021”, the report said, with GDP set to grow 4.7 per cent next year, compared with an earlier forecast of 5.8 per cent.
But the momentum has slowed in recent weeks and fears are mounting about the impact on Germany’s crucial export sector as countries around the world reimpose restrictions to halt a resurgence in Covid-19 cases.
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