Ifo president, Clemens Fuest, says that the further course of events depends very much on how the epidemic develops
"We are looking at two scenarios today. A very, very favourable scenario that would result in negative economic growth of 1.5% in 2020. And we have a second scenario with major production restrictions - this will lead to an economic contraction of 6% in 2020."
I'd take these forecasts rather lightly as they highly depend on the extent and length of the country's lockdown. For the moment, the situation is all very fluid but what we do know is that the longer this goes on, the heavier the toll it will have on the world economy.
