Daily Mail: Germany faces 'its worst recession in history'
Germany faces 'its worst recession in history': Country is set to see 6.3% drop in GDP due to coronavirus, government warns
* German GDP is expected to shrink by a record 6.3% as export demand plummets
* This year's forecast drop in GDP is worse than the global financial crisis in 2009
* If government's projection is confirmed, 2020 will mark the biggest contraction since the federal statistics authority began keeping records in 1970
* Germany could have to re-impose tough lockdown measures after the infection rate increased when restrictions were eased
The German economy will suffer the biggest slump in its history this year over the coronavirus crisis, the government warned today, pushing Europe's top economy into a painful recession.
German gross domestic product (GDP) is expected to shrink by a record 6.3 per cent as demand for exports plummets and lockdown restrictions weigh on domestic consumption, Economy Minister Peter Altmaier said in Berlin.
A group of leading economists have also Germany will suffer a deep slump in the first half of this year but should rebound relatively quickly from the disruption of the virus outbreak.
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Update: Germany faces huge economic slump due to coronavirus pandemic (DW).
WNU Editor: Germany is the economic powerhouse of Europe. It definitely is not the case today .... Coronavirus: 50,000 German retailers could go bust (DW).
7 comments:
So much for nestless Mother being a rainmaker. she is just holding the bag implementing social justice, when she can.
This is what happens when a government stupidly shuts down whole segments of its economy over highly contagious but less deadly version of the flu than the normal flu is. Furthermore there's nothing in the actions of "western" governments that suggest they truly think this is a problem. This looks more like a political power play.
Perhaps they think the "lockdowns/shutdowns" will break people's spirits and make them more compliant. This part might well work. Then the thinking is they'll wave a proverbial magic wand, reopen the economy, and it's going to come roaring back under their control. Things aren't that simple. Of course economic understanding never has been a strong suit of "western" governments.
This is a very bad news for all Europe.
I fail to see what the "political power play" is (which is not to say it won't eventually become that). OK, so one or two, or maybe even a handful, of countries shutting down, maybe. But not on this level. If this is all just a "political power play," then we have dozens and dozens of countries all around the world participating in the same "political power play" simultaneously. And yet, somehow, they've managed to keep the conspiracy a secret. That's BS. It takes just ONE Julian Assange or Edward Snowden to blow the lid off a whole nation's jar of secrets. In this case, right or wrong, the whole world is concerned with what the Wuhan virus might do, since at this point we still don't know. This is simply another Black Swan event that has had an unforeseen impact. Things are bad enough without having to speculate about secret agendas. Nefarious agendas may result, but were most definitely not the cause. The CAUSE is simply an unforeseen PANDEMIC VIRUS.
Germany no longer the powerhouse of Europe? I don't know. Comparatively speaking, it's probably still true.
Now look to your own nation! good times ahead in the next 4 months?
Basically we are at the phase where politicians are going to play games with the numbers phase. IE, we will be told nothing and will have to bend and grin.
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