German Economy May Shrink This Year


Infected with hundreds of thousands of people worldwide, the Kovid-19 virus continues to harm both human health and the global economy. According to the experts’ estimate, we will continue to feel the economic effects of the coronavirus outbreak for a while.

According to research done by the German Economic Institute, the German economy shrinks by 10% due to this epidemic. Economists at ING also think that the coronavirus epidemic will continue to hurt the European economy.

It is of course not known exactly when the coronavirus epidemic will be controlled. Some think that this outbreak will end in the summer, while others think the outbreak will be longer.

According to the research of the German Institute of Economics (IW), the coronavirus epidemic was not brought under control until June 2020, which could negatively affect the global economy. According to the information shared by IW, in such a scenario, the German economy can shrink by 10 percent and we can feel the effects of the epidemic until the end of the year.

ING Chief Economist Carsten Brzeski also thinks that this epidemic will continue to affect the economies of Western countries. According to the news of CNBC, his views on the subject are as follows:

“This unprecedented crisis continues to affect the entire Western economy. Currently, the big economies have come to a halt overnight and the term ‘economic stagnation’ is not sufficient to describe this situation. ”