World News

German economy to shrink by more than 6% this year: government source

BERLIN (Reuters) – The German economy will contract by more than 6% this year, a government source told Reuters on Friday, which would be a post-World War Two record.

The economy will rebound from the coronavirus pandemic in 2021 with growth of more than 5%, the source added.

Spiegel magazine reported the figures first, citing an Economy Ministry forecast to be unveiled next week.

An Economy Ministry spokeswoman said there were no final growth forecasts yet.

(Reporting by Holger Hansen; Writing by Joseph Nasr; Editing by Paul Carrel, Riham Alkousaa)