March 10, 2020 / 7:19 AM / in 20 days

Ifo head says coronavirus will spark recession in Germany - SWR broadcaster

FRANKFURT, March 10 (Reuters) - The coronavirus crisis will spark a recession in Germany, the head of Germany’s influential Ifo institute told German broadcaster SWR on Tuesday.

Economist Clemens Fuest told the broadcaster that he saw the world on the brink of an economic crisis and that there are parallels to the year 2008 when the financial crisis broke.

He added that Germany’s government had acted correctly by facilitating access to the short-time work allowance. But more must be done, he said. (Reporting by Arno Schuetze Editing by Riham Alkousaa)

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