The German government expects Germany’s economy to shrink by 6 to 7 percent this year due to the corona crisis. That reported the magazine Der Spiegel based on sources in Berlin. That would be the strongest contraction since the end of World War II.
For 2021, it is expected that the largest economy in Europe will rebound by more than 5 percent. The German Ministry of Economic Affairs will publish expectations for the impact of the corona virus on the economy next week. Due to the outbreak and measures to curb the pandemic, public life in Germany has been virtually shut down and many companies have been closed.