BREAKING: German Economy plummets by 10.1% in second quarter, records highest slump since 1970

The German economy has fallen by 10.1% in the second quarter i.e. April-June.

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In a record breaking slump, the German economy fell by 10.1% in the second quarter from previous quarter. This happens while the country is still working to restore the economy which entered a complete lock-down due to the Coronavirus pandemic.

According to the German Statistics office’s flash estimate, this has marked the biggest decline that the country has seen, since 1970.

However, the economists at Danske Bank ruled that this drop is “old news” and claimed that the economy of the country, is in fact, in the recovery stage now. The bank has also stated that the unemployment levels in the country have actually fallen in the month of July.

The COVID-19 pandemic has not only bestowed upon us, a healthcare emergency, but it has also brought the global economy to halt and the revival of this has become an international public policy challenge.

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