Germany's IfW Kiel: German economy to contract by more than 7% in 2020

Germany's Kiel Institute for the World Economy (IfW Kiel) on Monday said the German economy is expected to contract by more than 7% in 2020.

According to IfW, the Germany economy has probably declined by more than 15% at its worst point during the coronavirus crisis. Nevertheless, IfW still sees the economy rebounding and expanding by 7.2% in 2021.

Market reaction

These comments failed to help Germany's DAX 30 Index recover from daily lows. As of writing, the index was down 0.65% on the day at 10,985 points.