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ifo Economic Forecast for Eastern Germany and Saxony Summer 2020: Eastern German economy in recession

Author

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  • Niels Gillmann
  • Jannik A. Nauerth
  • Joachim Ragnitz
  • Jannik André Nauerth

Abstract

The ifo Institute expects a 5.9% slump in East German economic output for the current year. In Saxony it is likely to decline even more sharply at minus 6.4% due to the larger share of industry. However, this will mean that gross domestic product will fall slightly less sharply than in Germany as a whole (-6.7%). In the coming year, the economies in eastern Germany and Saxony are likely to recover significantly with growth rates of 5.8% and 6.3% respectively, and return to pre-crisis levels by the end of the year (Germany: 6.4%).

Suggested Citation

  • Niels Gillmann & Jannik A. Nauerth & Joachim Ragnitz & Jannik André Nauerth, 2020. "ifo Economic Forecast for Eastern Germany and Saxony Summer 2020: Eastern German economy in recession," ifo Dresden berichtet, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 27(04), pages 06-10, August.
    • Handle: RePEc:ces:ifodre:v:27:y:2020:i:04:p:06-10
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