German economy to contract by 6.6% in 2020

News Service
10:47, 28/04/2020, TuesdayU: Update: 10:48, 28/04/2020, Tuesday
REUTERS
German economy to contract by 6.6% in 2020
German Chancellor Angela Merkel arrives for a media statement after a video conference of EU leaders on the spread of the new coronavirus disease (COVID-19) in Berlin, Germany, April 23, 2020. Michel Kappeler/Pool via REUTERS

German economic institute Ifo on Tuesday said it expected the economy to contract by 6.6% in 2020 year-on-year due to the coronavirus pandemic.

It said Europe's largest economy shrank by 1.9% in the first three months of 2020 and is expecting a 12.2% contraction in the second quarter.

A return to the pre-crisis level is expected for the end of 2021, Ifo said.

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