The dire forecasts bring down the curtain on years of growth in Germany and France. — AFP pic
Germany’s second-quarter plunge in GDP should be twice as big as any during the 2008-2009 financial crisis and would mark the steepest fall since the institutes’ records began in 1970. The dire forecasts bring down the curtain on years of growth in two of the European Union’s wealthiest nations. For every two weeks the country is locked down by the virus, the Bank of France said it expects the economy to shrink by 1.5 per cent.
The experts in yesterday’s report forecast a contraction of 4.2 per cent for Germany over the full year.
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