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Summary: Joint Economic Forecast Spring 2020: Economy in Shock – Fiscal Policy to Counteract

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  • Projektgruppe Gemeinschaftsdiagnose

Abstract

Germany’s economy is slumping dramatically as a result of the coronavirus pandemic. To slow down the wave of infection, the government has severely restricted economic activity in Germany. Consequently, GDP will shrink this year by 4.2 percent. The recession is leaving very clear marks on the labor market and the government budget. At its peak, the unemployment rate will jump to 5.9 percent and the number of short-time workers to 2.4 million. After the shutdown, the economy will gradually recover. Accordingly, the increase in gross domestic product next year will be strong at 5.8%.

Suggested Citation

  • Projektgruppe Gemeinschaftsdiagnose, 2020. "Summary: Joint Economic Forecast Spring 2020: Economy in Shock – Fiscal Policy to Counteract," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 73(04), pages 52-55, April.
    • Handle: RePEc:ces:ifosdt:v:73:y:2020:i:04:p:52-55
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    More about this item

    Keywords

    Konjunktur; Öffentlicher Haushalt; Öffentliche Schulden; Arbeitsmarkt; Epidemie; Rezession; Finanzpolitik; Frühindikator; Deutschland; Welt;
    All these keywords.

    JEL classification:

    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure

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