Berlin-Sana
The Council of Economic Advisers in the German government said today that the country's economy will shrink by 6.5 percent this year due to the Corona virus pandemic and the decline will extend for a longer period of time if the number of new infections increases.
"The Corona pandemic is expected to cause the largest downturn in the German economy since the founding of the Federal Republic, but we expect the recovery to begin in the summer," Reuters quoted Council President Larsfield as saying in a statement.
"This means that GDP may not return to the pre-pandemic level until 2022 at the earliest," he added, noting that government stimulus measures are likely to support recovery.
Field called on the German government to continue its expansionary fiscal policies next year and avoid a debate on fiscal consolidation measures before 2022.
