The German economy is expected to narrow 7.1% in 2020 due to the pandemic, the country’s central bank announced on Friday.
After this year, in 2021 and 2022, the country’s gross domestic product (GDP) is forecasted to rebound 3.2% and 3.8%, respectively, according to Bundesbank projections.
Measures to stem COVID-19, such as travel restrictions and lockdowns, affected economy deeply in the first quarter of 2020, the bank recalled.
“However, the recovery will remain subdued to begin with, as the negative effects caused by the pandemic and the measures taken to combat it will likely diminish only gradually,” it underlined.
The bank noted that the pandemic affected also the labor market and “unemployment will rise considerably for a period of time”.
The coronavirus, which first appeared in China last December, has spread to 188 countries and regions across the world, while Europe and the US economies were affected the most.
The virus has killed over 391,600 people worldwide, with total infections exceeding 6.66 million and more than 2.89 million people having recovered from the disease, according to figures compiled by the-US-based Johns Hopkins University.
In Germany, the virus has infected 184,924 people so far, and caused 8,642 deaths in total.
Copyright 2021 Anadolu Agency. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.