German economy likely to shrink 5.5% in 2020, advisor tells Die Zeit
“We cannot stick to this estimate. I rather expect a decline of 5.5 percent - and that is optimistic”
The 'Europacity' construction site is pictured in Berlin, Germany, July 27, 2018. REUTERS/Fabrizio Bensch/Files
The head of Germany's panel of economic advisors expects Europe's biggest economy to shrink by at least 5.5 percent this year due to the coronavirus crisis compared with a previous forecast for a 2.8 percent contraction, Die Zeit weekly reported on Wednesday.
"We cannot stick to this estimate. I rather expect a decline of 5.5 percent - and that is optimistic," Lars Feld was quoted by the newspaper as saying, adding the original prediction, from March, was based on a shutdown of five weeks and three week ramp-up.
