'The effects of the coronavirus pandemic will push our economy into a recession after 10 years of growth.' Germany's Economy Minister Peter Altmaier
"We will experience the worst recession in the history of the federal republic" founded in 1949, Economy Minister Peter Altmaier said in Berlin.
German gross domestic product is expected to shrink by a record 6.3 percent as demand for exports plummets and lockdown restrictions weigh on domestic consumption, Economy Minister Peter Altmaier said in Berlin. This year's forecast drop in GDP is worse than during the global financial crisis in 2009, when Germany's economy contracted by more than five percent.
Altmaier pointed out that the global economy as a whole is expect to tip into recession as the world battles the coronavirus fallout, with the International Monetary Fund predicting a worldwide contraction of 2.8 percent in 2020. Overall, Germany's imports are slated to fall by just over eight percent this year — slightly narrowing the nation's famously massive trade surplus as exports fall faster.The worst of the virus impact will hit Germany in the second quarter, Altmaier said, before a rebound is expected to get under way.
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