Germany slumps with exports in 'free fall'

The German economy is heading for its worst year since the aftermathof the Second World War, with GDP likely to contract by at least 6 percent, according to a leaked government forecast. Only three weeks ago analysts had predicted a robust rebound beginning in the autumn, but the outlook has since darkened considerably, with one index suggesting that exports are in "free fall". Officials believe that it probably will take at least two years for Germany's output to return to the size it was before the coronavirus outbreak. (...)

(...) Gabriel Felbermayr, of the Kiel Institute for the World Economy, said that he, too, thought that the figure would be closer to 9 per cent, equivalent to a loss of Euro 3,600 for every personin the country. (...)