Asia’s second biggest economy reported a 3.4% drop in GDP in the first three months, despite agovernment rescue package worth nearly $1 trillion to cushion the blow of the coronavirus outbreak.
A slump in investments, consumption and exports pushed the German economy into recession in the first quarter, detailed data has confirmed. Economists predict the situation will get even worse in the next quarter.
The German economy is expected to shrink by more than 6% this year. But a new study found the country could be in for a big economic recovery next year.
Germany’s economy contracted 2.2% in the first quarter of 2020. With most of coronavirus lockdown measures taking place in the second quarter, experts expect future figures to be even worse.
Madrid and Barcelona, the Spanish cities with the highest COVID-19 death tolls, have partially relaxed their lockdowns. Meanwhile, Germany has seen its economy pushed into recession. Follow DW for the latest.
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