Germany's economy will shrink significantly this year and may need two years to make up the lost ground, its central bank said on Friday, joining a number of forecasters predicting only a slow recovery from a coronavirus-induced recession.
FILE PHOTO - Two women wearing protective masks cross a bridge in front of the skyline in Frankfurt, Germany, March 28, 2020, as the spread of the coronavirus disease continues. REUTERS/Kai Pfaffenbach
The euro zone’s biggest economy will contract by 7.1% in 2020 based on calendar adjusted figures and 6.8% according to unadjusted data, the Bundesbank said in its biannual projections, days after the government agreed a 130 billion euro stimulus scheme.
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