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Lengthy firm closures could cost German state of Bavaria 49-94 billion euro - Ifo

Reuters
·1-min read

BERLIN (Reuters) - Keeping firms closed for more than two months due to the coronavirus outbreak could cost the German state of Bavaria between 49-94 billion euros (43.84-84.43 billion pounds), Germany's Ifo institute said on Tuesday.

That would shave up to 15 percentage points off economic growth in the state for the full year, added the institute.

It also said if businesses in the state are shut for three months, the costs would balloon to 68-138 billion euros - and would take up to 22.1% off economic growth.

(Reporting by Madeline Chambers; Editing by Michelle Martin)