Germany going through recession, likely to last until mid-year: Govt

Germany’s ecomy ministry anunced that country plunged into recession in March and is expected to last until middle of year due to coronavirus pandemic. Federal Ministry for Ecomic Affairs and Energy said in its report on ecomic development that several factors including collapse of global demand, interruption in supply chains, changes in consumer behaviour, and uncertainty among investors are having a massive impact on ecomy.

According to ministry, ecomic performance has slumped in first quarter and trend is likely to continue in April. government expects ecomic recovery in second half of year after COVID-19 restrictions are eased. ministry ted that production and sales in industry h recovered at beginning of year but a “massive demand and supply shocks from home and abro caused by corona pandemic”, reversed ecomic trend.

ministry said that severity of ecomic downturn is currently difficult to assess but a joint diagsis of ecomic research institutes anticipates a decline in price-justed gross domestic product (GDP) of 1.9% and 9.8% in first and second quarters respectively compared to previous quarter.

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harsh indicators for manufacturing industry that have been available refer to a period when corona pandemic in this country was just beginning, said ministry. It ded that  development of incoming orders, production and sales in industry showed an urd trend and indicated an ecomic turnaround after two-year weak phase of industry.

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Merkel on budget balance

Last month, German Chancellor Angela Merkel h said that budget balance is t government’s primary concern right w ding that first task is to save people’s lives. She h said that Germany is open to scrapping self-imposed zero-deficit rule to fight against vel coronavirus outbreak. She did t rule out suspension of zero-deficit rule targeted at fiscal prudence and said that ministration will prioritise virus crisis.

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(Im source: AP)