The Institute for German Economics conducted a study. Its results show large economic losses during the crisis caused by the coronavirus pandemic. They are estimated to be at least 300 billion euros.
This year the damage has already reached 100 billion euros.
Experts of the institute predicted further development of the situation in Europe’s largest economy, provided the pandemic is over.
They said we should not expect the economy of the country to return to pre-crisis conditions very quickly. Recently in Germany, there has been an acceleration in the rate of vaccination of the population. And this is encouraging.
However, the damage to the economy has been far too great. It will take years to fully recover. The crisis will not pass away, and we should have no illusions about it. It will take many years to compensate for the losses and eliminate structural imbalances. The experts of the institute reckon.
According to the final estimate of the German statutory administration, the first quarter was completed with a reduction of GDP by 3.4%.