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- German council of economic advisors: Germany's economy will shrink significantly this year
German council of economic advisors: Germany's economy will shrink significantly this year
- Virus outbreak has put an end to incipient economic recovery
- Recession in the first half of 2020 is unavoidable
- Baseline scenario is German economy to shrink by 2.8% this year and grow by 3.7% in 2021
- Baseline scenario is for economic situation to normalize over the summer
- Second scenario involves a V-shaped trajectory with widespread production halts
- That will see the economy shrink by 5.4% this year and grow by 4.9% in 2021
- Third scenario involves a U-shaped trajectory where recovery begins next year
- That will see the economy shrink by 4.5% this year and grow by 1.0% in 2021
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