May 19, 2020 / 10:30 AM / 17 days ago

German economy to shrink by 7.1% this year before rebounding next year: IfW

BERLIN (Reuters) - The German economy will likely contract by 7.1% this year before expanding by 7.2% next year as the coronavirus pandemic takes its toll, the IfW institute said on Tuesday.

“At its peak, German economic output shrank by more than 15%due to the coronavirus shock and it remained at this level throughout April,” the IfW said.

It said the economy would likely contract by 11.3% in the April-June quarter but growth was likely again from the third quarter.

Reporting by Michelle Martin; Editing by Riham Alkousaa

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