Market news
30.03.2020, 10:45

German council of economic advisors: Germany's economy will shrink significantly this year

  • Virus outbreak has put an end to incipient economic recovery
  • Recession in the first half of 2020 is unavoidable
  • Baseline scenario is German economy to shrink by 2.8% this year and grow by 3.7% in 2021
  • Baseline scenario is for economic situation to normalize over the summer
  • Second scenario involves a V-shaped trajectory with widespread production halts
  • That will see the economy shrink by 5.4% this year and grow by 4.9% in 2021
  • Third scenario involves a U-shaped trajectory where recovery begins next year
  • That will see the economy shrink by 4.5% this year and grow by 1.0% in 2021

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