logo
Plus   Neg
Share
Email

IfW Kiel Predicts 7.1% Fall In German GDP In 2020, 7.2% Growth Next Year

Germany's economy is set to shrink 7.1 percent this year due to the impact of the coronavirus, or Covid-19, the think tank IfW Kiel said in a report on Tuesday.

However, the biggest euro area economy is forecast to entirely reverse the contraction with 7.2 percent growth next year.

"The low point of the crisis has been overcome, but the catch-up process continues well into the coming year," IfW Kiel said.

In the second quarter, the German GDP is expected to fall a massive 11.3 percent from the previous three months, marking the biggest quarterly decline since the Federal Republic formed, IfW economic chief Stefan Kooths said.

Unemployment is set to increase to 3 million people this year and the jobless rate is seen to climb to 6.1 percent, the think tank added.

For comments and feedback contact: editorial@rttnews.com

Economic News

What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.

Follow RTT