"The corona pandemic will trigger a serious recession in Germany," the think tanks including Ifo, DIW and RWI said in their annual spring report.
The second-quarter plunge is twice as big as any seen during the 2008-2009 financial crisis and marks the steepest fall since the institutes' records began in 1970, the report noted.Their forecast is in line with German Economy Minister Peter Altmaier's recent assessment that the economy would contract by around five percent in 2020.
Like countries around the world, the German government has taken drastic steps to stem the spread of the virus, keeping millions of people at home, closing schools and shops and shutting down factories. The package includes state guarantees for loans to businesses, easier access to benefits for workers placed on reduced hours, and direct support for the hardest-hit firms.
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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