Germany expects GDP to shrink 5% this year, Bild saysChristian 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.
Economy in Germany German factory
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. ■