Germany’s Ifo Institute provided three possible scenarios for Europe's largest economy and said it’s likely to shrink 6.6% this year
BERLIN - Germany’s economy is likely to shrink by 6.6% this year as businesses expect it will take nine months on average before operations return to normal after the coronavirus, the Ifo Institute said on Thursday.As the outlook improves next year, Ifo predicts Europe’s biggest economy will grow 10.2% in 2021.
All three scenarios, based on business sentiment as well as production, turnover and foreign trade data, assumed a gradual relaxation of restrictions from the end of April. Smaller shops reopened on April 20. Even in the healthcare sector, which might have been expected to be a beneficiary of the crisis, 72% of companies expect revenues to fall thanks to the impact of the crisis on operations and severed supply chains, a German Chambers of Commerce survey showed.
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