Coronavirus impact: Recession in Germany to continue till mid-year, says ministry
German economy ministry said even if social distancing measures were eased, economic activity would continue to be very subdued and would only pick up gradually
- Apr 15, 2020,
- Updated Apr 15, 2020 2:56 PM IST
The German economy entered a recession in March and the slowdown is expected to continue until the middle of the year, the economy ministry said on Wednesday.
"Collapsing global demand, interruption of supply chains, changes in consumer behaviour and uncertainty among investors are having massive impact on Germany," the ministry said in its monthly report.
It said even if social distancing measures were eased, economic activity would continue to be very subdued and would only pick up gradually.
Also read: Coronavirus exposing cracks in global financial system: IMF
The German economy entered a recession in March and the slowdown is expected to continue until the middle of the year, the economy ministry said on Wednesday.
"Collapsing global demand, interruption of supply chains, changes in consumer behaviour and uncertainty among investors are having massive impact on Germany," the ministry said in its monthly report.
It said even if social distancing measures were eased, economic activity would continue to be very subdued and would only pick up gradually.
Also read: Coronavirus exposing cracks in global financial system: IMF