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German Economy Plunges Into Recession Over COVID-19 - Foreign Affairs - Nairaland

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German Economy Plunges Into Recession Over COVID-19 by Islie: 3:10pm On May 15
The German economy plunged into a recession after suffering its steepest quarterly contraction since the 2009 financial crisis as shops and factories were shut down in mid-March to fight the spread of the coronavirus, preliminary data showed on Friday.

The 2.2 per cent first-quarter contraction was a foretaste of worse to come. Economists expect a deeper slump in the second quarter as the lockdown extended well into April and early May and sectors like tourism and in-door gastronomy, remain shut.

Germany still appears to be fairing better than neighbouring France and Italy, whose economies contracted by 5.8 per cent and 4.7 per cent respectively in the first quarter.

This is partly due to a decision by Germany’s 16 states to allow factories and construction sites to stay open, and an unprecedented rescue package by Chancellor Angela Merkel’s government.

The package however includes state aid that allows employers to switch employees to shorter working hours to avoid mass layoffs. “Output data for the fourth quarter was revised to a contraction of 0.1 per cent from a previously reported stagnation, which meant Germany was technically in a recession after two successive quarterly output slumps,’’ the data showed.

According to Carsten Brzeski of ING, things will get worse before they get better. “To be more precise, incoming data will be worse, even though the worst might already be behind us. “If today’s data are the result of two weeks of lockdown, three more weeks of lockdown and a very gradual lifting of some measures do not bode well for the second quarter,” Brzeski added.

Seasonally adjusted figures from the Federal Statistics Office showed that gross domestic product in Europe’s largest economy fell by 2.3 per cent from January to March after a 0.4 per cent expansion in the previous three months. Analysts polled by Reuters had expected national output to shrink by 2.2 per cent quarter-on-quarter and a 2 per cent contraction year-on-year in seasonally adjusted terms. (Reuters/NAN)

https://www.dailytrust.com.ng/covid-19-german-economy-plunges-into-recession.html

4 Likes 2 Shares

Re: German Economy Plunges Into Recession Over COVID-19 by NwaNimo1(m): 3:18pm On May 15
It is well....we are now all in this together!

WW3 Loading...,,

THE WAR AGAINST......




62 Likes 4 Shares

Re: German Economy Plunges Into Recession Over COVID-19 by Kinematics: 3:22pm On May 15
This is no news to the world. Quite expected.

32 Likes 5 Shares

Re: German Economy Plunges Into Recession Over COVID-19 by 9jvirgin(m): 3:29pm On May 15
My trip to Germany, Denmark, Sweden and Poland in August of 2019 clearly shows that those economies are clearly prepared for anything that may come.

I sincerely apologize for supporting Buhari in 2015, Jonathan's government with it's unprecedented corruption left I and some people with no choice than to support "anything" embarassed

197 Likes 7 Shares

Re: German Economy Plunges Into Recession Over COVID-19 by BlogRabbit: 3:30pm On May 15
Modified

Let them come to Nigeria and see what is called recession.

Their worst recession is the Nigerian best booming economy.

grin

132 Likes 5 Shares

Re: German Economy Plunges Into Recession Over COVID-19 by glimpse33: 3:30pm On May 15
Even in Recession, they are still wealthy. Audio Recession

77 Likes 7 Shares

Re: German Economy Plunges Into Recession Over COVID-19 by Mightymanna(m): 3:30pm On May 15
Even Almighty Germany?
Hmm by the time Nigeria is hit, I wonder how our own will be since we are operating mono economy

42 Likes 4 Shares

Re: German Economy Plunges Into Recession Over COVID-19 by Jentle244(m): 3:30pm On May 15
May God help us. China will bear the brunt of it. By the time all this country sue them to international court of Justice they will understand

15 Likes 1 Share

Re: German Economy Plunges Into Recession Over COVID-19 by Righteousness89(m): 3:30pm On May 15
Not Suprising at all..

The sit at Home Order was a Decision made in Haste..

It's High time the world Leaders and Inhabitants stop Decieving ourselves ..

We should Move forward and open up as citizens of the World.

Whether we keep lock down or we open , there will be deaths..

Hunger Virus has more Consequences than Corona Virus..

Open up the Nations

17 Likes 1 Share

Re: German Economy Plunges Into Recession Over COVID-19 by thugmansion(m): 3:30pm On May 15
I bet that they will be out asap.

2 Likes

Re: German Economy Plunges Into Recession Over COVID-19 by Criptofxt10: 3:30pm On May 15
If Germany and other more civilized countries can enter recession, that means 9ja is going back 1960 Almagamation era grin

24 Likes 1 Share

Re: German Economy Plunges Into Recession Over COVID-19 by rocknation62(m): 3:30pm On May 15
No be Germany Dem go soon bounce back...But
Nigeria I can’t guarantee...

1 Like

Re: German Economy Plunges Into Recession Over COVID-19 by ChiefAfonja: 3:31pm On May 15
grin

As for Nigeria we are not scared of Recession because since Buhari took over recession is our and bad lucks are our mutual friends

12 Likes

Re: German Economy Plunges Into Recession Over COVID-19 by PureGoldh(m): 3:31pm On May 15
Dem go dey alright Las Las.....Na 9ja own we suppose dey reason now cos wetin dey cook up in the other side eeeh.....e fit shock Nigerians

4 Likes

Re: German Economy Plunges Into Recession Over COVID-19 by Slawormir: 3:31pm On May 15
Damnnnnn niggarrr
Isoright

Last last the world go dey alright
There is always fire and light at the extreme end of your joint( weed)


Oh! Sorry
I meanThere is always light at the end of the tunnel

13 Likes 2 Shares

Re: German Economy Plunges Into Recession Over COVID-19 by gideonite98(m): 3:31pm On May 15
God help us and heal the world

2 Likes

Re: German Economy Plunges Into Recession Over COVID-19 by lafuria1(m): 3:31pm On May 15
It's expected, the whole world will enter recession
Re: German Economy Plunges Into Recession Over COVID-19 by jericco1(m): 3:31pm On May 15
They'll have to initiate austerity measures and silently they'll wriggle out of it. Unlike my dear country where one will not hear word and everybody will want to take advantage of the other..

8 Likes

Re: German Economy Plunges Into Recession Over COVID-19 by humilitypays(m): 3:31pm On May 15
Audio recession angry angry


Oyimbo will be shouting recession while they still live their normal life and enjoy every basic amenity of life.....they should come to Nigeria and West Africa and come and see what they call recession that we have been suffering since 1960 without any exit!

Nigeria has been under recession since 1960 if you don't know; no available jobs for able bodied youths ready to work, no electricity, no water supply, every Nigerian is a security officer of his home and business premises....he also provide water and electricity for his household and business....and bears full responsibility of everything while the fortunate and diabolical ones who succeed in using intimidation, killing, juju, spiritism, voodoo worship like Tinubu and co to clinch unto power enjoy life that presidents, kings and prime ministers of western nations can never enjoy angry



They should just shut up their mouth, their 1945 is our today in Nigeria, they don't know the meaning of recession angry angry

23 Likes

Re: German Economy Plunges Into Recession Over COVID-19 by priceaction: 3:31pm On May 15
and they are giving nigeria millons of dollars for convid funds and assistance in the name of brotherhood. Only if they know that our leaders should not be trusted.

7 Likes

Re: German Economy Plunges Into Recession Over COVID-19 by FirstSon01: 3:32pm On May 15
As expected.
It's a definite post-Covid experience.
Re: German Economy Plunges Into Recession Over COVID-19 by AstralBody: 3:32pm On May 15
China has killed the world economy,is only time before it hits Nigeria n it's gonna hit us real bad.

7 Likes 1 Share

Re: German Economy Plunges Into Recession Over COVID-19 by Businext: 3:32pm On May 15
No! How many world powers will go under?
Is this how the one world ruler would emerge?
Killing other world powers in any way, acquiring
them and becoming the prince of the world?
While many watched Pretty Woman,
Many did not know what work Richard Gere did in the movie!
He killed weak companies and acquired them.
Those who have been warming up to migrate to
Canada, Germany, UK, France and Italy and co
Even China and South Korea, hope you are following?
There is money to be made in Nigeria if only people stop
pull him/her down syndrome and pady pady and hand greasing
and name dropping! Imagine one carpenter came to work in my
house and he kept on telling me and showing me pictures of
rich and famous people I know who he'd worked for like, who cares?!

#LordPleaseHelpGermany

2 Likes

Re: German Economy Plunges Into Recession Over COVID-19 by chrischukszy01(m): 3:32pm On May 15
Nigeria �� will be hyper recession, lets brace up for d incoming!
Re: German Economy Plunges Into Recession Over COVID-19 by ProudlyAfarmer(m): 3:33pm On May 15
That's why I love PMB...










He will never allow Nigeria enter reception..




The best president in the world in...


Lover of the Igbos...



Emancipator of the Hausas...



Appointer of Yorubas...

1 Like

Re: German Economy Plunges Into Recession Over COVID-19 by itu404(m): 3:33pm On May 15
The caption---- it shrunk by percent not in recession

5 Likes

Re: German Economy Plunges Into Recession Over COVID-19 by Authoreety: 3:33pm On May 15
If the Germans could get it hard like this, then Nigeria own dey learn for wetin Wan happen...

But when there is a casting down, I will always be on the lifting up side...

Claim this now if you believe.

6 Likes

Re: German Economy Plunges Into Recession Over COVID-19 by Ololanla: 3:33pm On May 15
D
Re: German Economy Plunges Into Recession Over COVID-19 by Built2last: 3:33pm On May 15
Part one
Re: German Economy Plunges Into Recession Over COVID-19 by SILVERLINES: 3:34pm On May 15
cheesy
Every country should expect this

Nigeria economy will hit the rock

Before COVID-19 we were not even better in anyways
Re: German Economy Plunges Into Recession Over COVID-19 by OBUKOMENA: 3:34pm On May 15
I hope and pray that ours will not slide straight into depression.

Someone please tell the people at the helm of affairs in Nigeria to release those foreign and indigenous donations into the economy rather than hoarding them else, what befell Germany will be a child's play compared to ours.

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