March 10, 2020 / 7:32 AM / 19 days ago

Ifo head says coronavirus will spark recession in Germany - SWR broadcaster

FILE PHOTO: A supermarket shelf with organic products such as noodles, floor and sieved tomatoes is partly empty and not yet refilled on Monday due to coronavirus-related panic buyings over the weekend in Bad Honnef near Bonn, Germany March 9, 2020. REUTERS/Wolfgang Rattay

FRANKFURT (Reuters) - The coronavirus crisis will spark a recession in Germany, the head of Germany’s influential Ifo institute told German broadcaster SWR on Tuesday.

Economist Clemens Fuest told the broadcaster that he saw the world on the brink of an economic crisis and that there are parallels to the year 2008 when the financial crisis broke.

He added that Germany’s government had acted correctly by facilitating access to the short-time work allowance. But more must be done, he said.

Reporting by Arno Schuetze; Editing by Riham Alkousaa

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