In a fresh report published on Tuesday, Germany’s KfW state development bank said it expects 2020 German GDP to decline by 6%.
“German economic output was probably around 20-25% below the previous year level for several weeks due to coronavirus.”
“As long as the second wave of coronavirus can be avoided, economic activity should have reached its trough in April.”
“With the removal of restrictions, by the summer economy should have at least partly normalized.”
“Would lead to very high growth in Q3.”
“Expects 2021 growth of 5% in Germany”
“Recovery is likely in h2 but pre-crisis level probably won’t be reached until autumn 2021.”
“Crisis likely to reduce economic output by 300 bln euros.”