COVID-19 Pushes Germany Into Recession
Coaches drive towards Berlin’s landmark the Victory Column as travel agency workers demonstrate on May 13, 2020. Odd ANDERSEN /AFPThe coronavirus pandemic has tipped Germany into a recession, official data showed Friday, with Europe’s top economy suffering its steepest quarterly contraction in more than a decade as lockdown measures began to bite.
The worst is yet to come however, with economists warning that the full impact from the coronavirus restrictions will be felt more in the second quarter. State spending and the construction industry were the only growth drivers in the first three months of the year. The country’s first quarter slump is smaller than steep GDP plunges seen in France and Spain, two of the countries hit hardest by the virus in Europe.
To help the country through the COVID-19 crisis, Chancellor Angela Merkel’s government has ditched its cherished policy of maintaining a balanced budget.
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