Germany’s economic institutes say economy will shrink 6% this year; Industrialised economies will contract drastically by 4.2%; World trade to plunge 15%
Apr 23rd, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Germany's leading economic institutes say the German economy will shrink 6 percent this year in its worst performance since World War II and will stay in recession until at least mid-2010. The institutes say output in the industrialised economies will decline drastically by 4.2 percent 2009 and 4.5 percent in the Eurozone, with slight falls following in 2010. World trade will decline by 15 percent compared with the IMF's latest forecast of 11 percent.