Ifo: German economy to shrink 4.2%, unemployment to jump to 4.9%

<p>Ifo economist Timo Wollmershaeuser said in the report that the Germany economy &#8220;slumped drastically as a result of the corona pandemic&#8221; and GDP could shrink -4.2% in 2020. Unemployment rate will &#8220;skyrocket to 5.9%&#8221;. Fiscal stabilization measures will lead to a record&#8221; deficit of EUR 159B. Though, GDP could rebound next year with 5.8% growth. [&#8230;]</p>
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