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 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.