Germany the economy it is to decrease to 7.1% this year due to the impact of the corona virus, or Covid-19, the think tank IfW in Kiel, said in a report Tuesday.
However, the largest economy of the euro area is expected to reverse the contraction, with 7.2% growth next year.
“The low point of the crisis has been overcome, but the catching-up process continues well into the coming year,” IfW Kiel said.
In the second quarter, the German GDP is expected to fall of a mass of 11.3% compared to the previous three months, marking the largest quarterly decline since the Federal Republic is formed, IfW economic chief, Stefan Kooths said.
Unemployment is expected to increase by 3 million people this year, and the unemployment rate is seen climbing to 6.1 percent, the think-tank added.
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