German economy to contract by 6.6pc in 2020
Tuesday, 28 April 2020
German economic institute Ifo has said it expected the economy to contract by 6.6 per cent in 2020 year-on-year due to the coronavirus pandemic.
It said on Tuesday that the Europe’s largest economy shrank by 1.9per cent in the first three months of 2020 and is expecting a 12.2 per cent contraction in the second quarter, reports Reuters.
A return to the pre-crisis level is expected for the end of 2021, Ifo said.