FRANKFURT, June 23 — A panel of economists that advise the German government said today Europe’s top economy will likely shrink 6.5 per cent this year but that the post-coronavirus recovery will begin “from the summer”. “Economic developments in Germany will likely fall close to the deep...
Empty tables stand in front of a restaurant at the Gendarmenmarkt, as the spread of the coronavirus continues, in Berlin, Germany, March 24, 2020. — Reuters pic
“From the summer, a gradual recovery should get going, making for 4.9 per cent growth in 2021,” said the “Wise Men” — who for the first time this year include two women on their five-strong panel. Separately, Federal Labour Agency chief Detlef Scheele said unemployment would likely rise above three million in the summer.Bundesbank chief Jens Weidmann said at the weekend that “the trough should be behind us by now”.
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