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US News Germany: Economy recovers from Corona crash in spring

11:55  30 october  2020
11:55  30 october  2020 Source:   finanzen.net

Ireland is the first EU country to announce second corona lockdown

 Ireland is the first EU country to announce second corona lockdown In the fight against the second wave of the corona pandemic, Ireland is the first EU country to return to lockdown. From Wednesday on, a six-week curfew will apply in Ireland, as Prime Minister Michael Martin announced. The northern Italian region of Lombardy has meanwhile imposed a night curfew, and in Spain several areas with particularly high numbers of cases are being cordoned off. British researchers announced they wanted to target volunteers in the fight against the virus.

"The economy 's recovery after the lockdown in the spring has commenced," German Minister for Economic Affairs and Energy Peter Altmaier told reporters. "It underscores the strength and resilience of companies in Germany and their employees' willingness to work hard. It shows that the

"The economy 's recovery after the lockdown in the spring has commenced," German Minister for Economic Affairs and Energy Peter Altmaier told GTAI supports German companies setting up in foreign markets, promotes Germany as a business location and assists foreign companies setting up

The German economy is on a recovery course after the corona-related crash in spring.

Thomas Lohnes/Getty Images © Provided by Finanz.net Thomas Lohnes / Getty Images

The gross domestic product (GDP) rose strongly by 8.2 percent in the third quarter compared to the previous quarter, as the Federal Statistical Office announced on Friday in Wiesbaden based on preliminary data. However, compared to the fourth quarter of 2019, the quarter before the global corona crisis, GDP was 4.2 percent lower.

Federal government expects GDP to decline by 5.5 percent in 2020

The federal government is expecting a slightly less severe economic slump this year than initially expected. According to the autumn 2020 projection, the gross domestic product (GDP) will decrease by 5.5 percent, said Federal Economics Minister Peter Altmaier (CDU) in Berlin. The decisions of the Prime Minister's Conference are taken into account. At the beginning of September, the government had forecast a decline of 5.8 percent. An increase of 4.4 percent is still expected for 2021.

A new simulator is supposed to predict how many corona cases there will be in all federal states - and how difficult they will be

 A new simulator is supposed to predict how many corona cases there will be in all federal states - and how difficult they will be The number of infections with the coronavirus in Germany has been increasing for a few weeks. Several areas already exceed the risk value. How will it go on? How many cases do we have to expect by the end of the year? A research team from Saarbrücken has now developed an online simulator , which is supposed to predict exactly that. On the basis of various data, the researchers developed a mathematical model that can be used to create detailed forecasts for each federal state.

Germany has unveiled a €130bn (£116.4bn) package of tax and spending measures designed to boost the country’s economic recovery from the coronavirus crisis. Announcing measures to drag Europe’s largest economy out of recession as lockdown measures are removed, Angela Merkel’s government

However, despite the economic recovery , Germany is expected to report a fall in GDP in the second quarter, before seeing positive GDP growth rates from “The under-utilisation of production capacities is still high.” Europe’s biggest economy is placing its hopes on the rapid recovery of overseas demand.

The pre-crisis level should not be reached again until 2022. "This recovery is subject to the further pandemic," said Altmaier.

The recovery was faster than many expected, said Altmaier. The healing powers of the German economy have clearly prevailed. In the first quarter of 2020 there was a slight and in the second quarter a strong decline of 9.8 percent.

In its spring projection, the federal government had expected a GDP decline of 6.3 percent and a somewhat stronger recovery for 2021 of 5.2 percent.

Altmaier described the resolutions of the prime ministers to contain the corona pandemic as "correct and necessary". A nationwide lockdown for the country should be avoided. It was possible to "exempt the economy from extensive restrictions". The minister described the new aid package of 10 billion euros for economic sectors affected by the restrictions as a sign of solidarity. (Dpa-AFX / Dow Jones)

Opinion: The Corona Economic Monopoly .
The new and only partial lockdown for Germany does not initially hit the economy as hard as it did in spring. Nevertheless, Henrik Böhme is certain that it will slow down the upswing significantly. © picture-alliance / dpa / S. Puchner A worker at the machine builder Voith welds on the blades of a water turbine Many restaurateurs across the country no longer understand the world.

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