Germany’s Economy Ministry said that the coronavirus pandemic has led the global economy into recession. Even though further development is associated with great uncertainties, recovery in Germany could start in the second half of the year. The measures taken by the federal government helps reducing the negative economic consequences.
It also said “the collapsing global demand, the interruption of supply chains, changes in consumer behavior and uncertainty among investors are having a massive impact on Germany.” Domestically, for the shutdown alone, “economic performance is likely to have slumped on average in the first quarter. It can be assumed that this trend will continue in April.”
Meanwhile, “how severe the slump is going to be is currently difficult to assess” and “further economic development is still subject to unusually large uncertainties.”
