Germany Expects Economy to Shrink More Than 5% on Virus Hit

The Muensterplatz with a monument Ludwig van Beethoven stands empty in Bonn on April 1. Photographer: Andreas Rentz/Getty Images Photographer: Andreas Rentz/Getty Images Sign up here for our daily coronavirus newsletter on what you need to know, and subscribe to our Covid-19 podcast for the latest news and analysis. Germany faces a deeper recession than during the financial crisis, as the coronavirus pandemic shuts down large parts of Europe’s biggest economy. The impact on 2020 growth from measures to contain the virus could be “as strong, or even stronger” than the 5% contraction caused by the financial crisis in 2008 and 2009, Economy Minister Peter Altmaier said Thursday in Berlin, adding that national output could shrink for some months in the first half by more than 8%. “That means that after 10 years of good economic growth we will again experience a recession this year,” said Altmaier. “It’s the […]

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