Monday, October 2, 2023

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Germany to enter recession due to Covid-19: Bundesbank

The Bundesbank warned on Monday that the next wave of the coronavirus pandemic might push Germany’s economy, which is Europe’s largest, into a technical recession before recovering in the second quarter.

“Overall economic activity could decrease substantially in the first quarter of 2022, before picking up speed again in the spring,” the German central bank stated in its monthly economic report after GDP shrank by 0.7 per cent in the fourth quarter of 2021.

The Omicron variant’s spread in Germany resulted in a high number of illnesses at the start of the year.

As the cases continue to fade, the government has stated that it would begin to ease down health regulations, with most rules being repealed by the end of March under the plan.

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