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Title : Germany Facing 'Its Worst Recession In History'
link : Germany Facing 'Its Worst Recession In History'

Germany Facing 'Its Worst Recession In History'

Daily Mail: Germany faces 'its worst recession in history'

Germany faces 'its worst recession in history': Country is set to see 6.3% drop in GDP due to coronavirus, government warns

* German GDP is expected to shrink by a record 6.3% as export demand plummets
* This year's forecast drop in GDP is worse than the global financial crisis in 2009
* If government's projection is confirmed, 2020 will mark the biggest contraction since the federal statistics authority began keeping records in 1970
* Germany could have to re-impose tough lockdown measures after the infection rate increased when restrictions were eased

The German economy will suffer the biggest slump in its history this year over the coronavirus crisis, the government warned today, pushing Europe's top economy into a painful recession.

German gross domestic product (GDP) is expected to shrink by a record 6.3 per cent as demand for exports plummets and lockdown restrictions weigh on domestic consumption, Economy Minister Peter Altmaier said in Berlin.

A group of leading economists have also Germany will suffer a deep slump in the first half of this year but should rebound relatively quickly from the disruption of the virus outbreak.

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Update: Germany faces huge economic slump due to coronavirus pandemic (DW).

WNU Editor: Germany is the economic powerhouse of Europe. It definitely is not the case today .... Coronavirus: 50,000 German retailers could go bust (DW).

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