Germany sees economy recovering faster than expected in 2020

BERLIN - Germany expects the economic devastation caused by the COVID-19 pandemic to be less severe this year than originally feared, but sluggish foreign demand is likely to weaken the rebound in Europe’s largest economy next year.

“The recession in the first half of the year turned out to be less severe than we had feared,” Altmaier told reporters, adding that the worst was over for the economy. That would still represent the biggest economic slump since World War Two. The German economy contracted by 5.7% in 2009 as the global financial crisis unfolded.

Scholz has already said he will ask parliament to suspend constitutionally enshrined debt limits next year so that the government can plan its 2021 budget with new debt as it sees necessary.

pdacosta Did the excessive debt, the polluted world, the power struggle eliminate the risks of recovery?

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Germany revises upward 2020 GDP forecast, sees weaker rebound in 2021: sourcesGermany expects the economic devastation caused by the COVID-19 pandemic to be less severe than originally feared this year, but it now sees a weaker rebound for Europe's largest economy next year, two sources told Reuters on Tuesday.
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