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Budget 2021

Associate Partners:

  • SMC
  • Samsung
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Moneycontrol

Budget 2021

Associate Partners:

  • SMCSamsungVolvo
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Germany expects record recession in 2020 due to coronavirus pandemic

The government cut its estimate for gross domestic product growth in 2020 to -6.3 percent from +1.1 percent predicted in January, the ministry said.

April 29, 2020 / 06:31 PM IST

Germany has slashed its economic growth forecast for this year, the economy ministry said on Wednesday, predicting the coronavirus pandemic would plunge Europe's largest economy into the deepest recession in its post-war history.

The government cut its estimate for gross domestic product growth in 2020 to -6.3 percent from +1.1 percent predicted in January, the ministry said. It expects the recession to bottom out in the second quarter and economic activity to pick up again after that.

For 2021, the government expects the economy to rebound with an expansion rate of +5.2 percent. The forecasts are based on the assumption that authorities can gradually unwind lockdown measures to contain the spread of the coronavirus.

Follow our full coverage of the coronavirus pandemic here.
Reuters
first published: Apr 29, 2020 06:25 pm

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