March 19, 2020 / 9:29 AM / 22 days ago

Coronavirus-hit German economy could shrink by up to 6% in 2020 - Ifo

FILE PHOTO: Containers are seen at a terminal in the port of Hamburg, Germany November 14, 2019. REUTERS/Fabian Bimmer/File Photo

BERLIN (Reuters) - The head of Germany’s influential Ifo institute said on Thursday that the German economy could shrink by up to 6% this year as it battles the coronavirus crisis.

“The further course of events depends very much on how the epidemic develops,” Ifo President Clemens Fuest said.

“We are looking at two scenarios today. A very, very favourable scenario that would result in negative economic growth of 1.5% in 2020,” he said, adding that this was based on limited reductions in production.

“We have a second scenario with major production restrictions - this will lead to an economic contraction of 6% in 2020,” he said.

Reporting by Paul Carrel; Editing Michelle Martin

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