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German economy bottomed out in April but recovery to take time - IfW

Reuters
·1-min read

BERLIN (Reuters) - The German economy probably reached its lowest point in April but a full rebound will take time even as the easing of coronavirus restrictions should quickly make up for some production losses, the IfW institute said on Thursday.

"The full recovery from the crisis will take some time," the IfW said.

The institute said it expected German economic output to drop by 6.8% this year, before growing by 6.3% in 2021.

It predicts the German unemployment rate will rise to 6.1% next year from 5% in 2019.

(Reporting by Riham Alkousaa, editing by Emma Thomasson)