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Financial News: Germany To Contract 0.1% In 2020: DIW

Germany To Contract 0.1% In 2020: DIW

03/19/2020 - 08:04:00 (RTTNews)

(RTTNews) - The German economy is forecast to see a recession this year as the coronavirus outbreak weighed heavily on economic activity, the DIW institute reported Thursday.

The largest euro area economy is set to shrink 0.1 percent in 2020, based on the assumption that Germany will normalize quickly from the crisis situation.

However, if the impact of coronavirus on the economy deepens and persists longer, then the recession could be much more severe.

Elsewhere, the ifo institute forecast the German economy to contract 1.5 percent this year before expanding 3.7 percent in 2021.

In the first quarter of 2020, the ifo projected 0.1 percent expansion but with the crisis taking full effect in the second quarter, GDP would fall 4.5 percent.

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