Comments by the German council of economic advisors
- Sees German economy shrinking by 6.5% this year
- Impact of the coronavirus on the world economy more severe than expected
- Expects a slow recovery in 2H 2020, followed by 4.9% growth in 2021
- Economic slump will be prolonged if coronavirus cases jump again
On the headline remark, it is more of the case that they won't risk another economic meltdown - even if there is a second virus wave - after having endured the pain suffered from nationwide lockdown measures back in March through to April.
As for their economic projections, we'll have to see how things pan out. The psychological and social impact of the pandemic is still something that is tough to quantify, let alone being able to make an accurate assessment tying it back to the economy at this stage.
