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Germany: Ifo, economy shrinking due coronavirus
Estimates, in 2020 fall up to 1.5%
19 March, 11:19
(ANSA) - BELGRADE, MARCH 19 - The global economy is
collapsing because of the coronavirus pandemic and the German
economic system could shrink by 1.5 percent this year, the Ifo
Institute said today.
"It is almost impossible to make a precise prediction of the economic costs of the coronavirus crisis at present, as there is a high degree of uncertainty about the further spread of the virus and in particular about the measures governments have taken to contain the pandemic," Ifo said in statement. However, the Institute predicts at this stage that the German economy could shrink by 1.5 percent this year, a 3%-reduction compared with a situation without the outbreak of coronavirus. In the first half of 2021, the production of goods and services should then gradually return to a normal level, Ifo estimates. (ANSA).
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"It is almost impossible to make a precise prediction of the economic costs of the coronavirus crisis at present, as there is a high degree of uncertainty about the further spread of the virus and in particular about the measures governments have taken to contain the pandemic," Ifo said in statement. However, the Institute predicts at this stage that the German economy could shrink by 1.5 percent this year, a 3%-reduction compared with a situation without the outbreak of coronavirus. In the first half of 2021, the production of goods and services should then gradually return to a normal level, Ifo estimates. (ANSA).
