German economy to shrink by 10% in second quarter - DIW
Global Economy
29 April, 2020, 05:55 pm
Last modified: 29 April, 2020, 05:57 pm
DIW said Europe’s biggest economy likely contracted by 2 percent in the first quarter
FILE PHOTO: A traveler is seen at the airport in Frankfurt, Germany, April 2, 2020, as the spread of the coronavirus disease (Covid-19) continues. REUTERS/Kai Pfaffenbach
The German economy will contract by more than 6 percent this year, the DIW economic institute said on Wednesday, adding that the recession prompted by the coronavirus pandemic would be deeper than during the 2008 financial crisis.
DIW said Europe's biggest economy likely contracted by 2 percent in the first quarter and will shrink by 10 percent in the April-June period as large sectors of the economy were brought to a standstill by the outbreak.
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