RSS   Newsletter   Contact   Advertise with us

Germany expects GDP to shrink 5% this year, Bild says

Share on Twitter Share on LinkedIn
Christian Fernsby ▼ | March 23, 2020
Germany’s economy will shrink 5% this year due to the impact of the coronavirus pandemic, Bild am Sonntag said, citing calculations taken from the government’s supplemental budget.
German factory
Economy in Germany   German factory
Finance Minister Olaf Scholz plans to lift spending an extra 156 billion euros ($167 billion) to counter the effects of the pandemic, and paying back the extra debt will take 20 years, the newspaper said.

Topics: Germany GDP

The government is now expecting to take in 33.5 billion euros less in taxes and other income this year than initially forecast, the newspaper said.

The government will also have to pay for an estimated 2.15 million workers doing shortened work hours, translating into about 10 billion euros in extra spending.