Published: April 28, 2020 15:05:32 | Updated: April 30, 2020 15:55:46
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German economic institute Ifo has said it expected the economy to contract by 6.6 per cent in 2020 year-on-year due to the coronavirus pandemic.
It said on Tuesday that the Europe’s largest economy shrank by 1.9per cent in the first three months of 2020 and is expecting a 12.2 per cent contraction in the second quarter, reports Reuters.
A return to the pre-crisis level is expected for the end of 2021, Ifo said.
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