German Economy to Shrink 5.4% in 2020: Think-Tanks
Image Credits: Institute for New Economic Thinking
Frankfurt am Main, Oct 14 (AFP/APP): Germany’s economy will shrink more than expected in 2020 and not regain strength until end-2021, leading research institutes said Wednesday, as a coronavirus resurgence weighs on the recovery.
German gross domestic product will contract by 5.4 percent, deeper than a previous prediction made in April of 4.2 percent, according to five think-tanks including Ifo, DIW and RWI in their annual autumn report.
“Although a good part of the slump from the spring has already been made up, the remaining catch-up process represents the more arduous route back to normality”, said Stefan Kooths, head of economic research at IfW Kiel. Pre-crisis levels of economic output will “probably not be reached until the end of 2021”, the report said, with GDP set to grow 4.7 percent next year, compared with an earlier forecast of 5.8 percent.
For 2022, the experts predict 2.7 percent growth.
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