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.
🇩🇪German GDP fell by 10.1% in Q2 (worst on record) and is now more than 12% down from Q4 2019.
This is "old news", however. We know that the economy is recovering after Germany got Covid-19 under control and the economy has reopened pic.twitter.com/Qw9mou1F76
— Danske Bank Research (@Danske_Research) July 30, 2020
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.