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Germany To Undergo Deep Recession

Te German economy is heading into a deep recession due the massive impact of the coronavirus, or covid-19, the Bundesbank said in its monthly report on Monday.

The domestic economy that underpinned growth amid trade disputes, is now weighed down heavily by the covid-19. However, public finances are well positioned to meet the situation, the central bank said.

The ifo institute last week projected the German economy to shrink 1.5 percent this year. The DIW institute forecast only 0.1 percent contraction for 2020.

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