Germany sees V-shaped recovery from coronavirus shock

The German government sees the economy rebounding quickly from the coronavirus shock, Economy Minister Peter Altmaier said on Tuesday, adding that he did not expect authorities to impose another round of lockdown measures like in March and April.

"Overall, we can say that at least for now, we are dealing with a V-shaped development," Altmaier told reporters when presenting the government's updated growth forecasts.

Confirming an earlier Reuters report, Altmaier said the government revised upward its 2020 economic forecast to a decline of 5.8 percent from a previously expected slump of 6.3 percent and revised downward its 2021 forecast to an expansion of 4.4 percent from its previous estimate of 5.2 percent.