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Pandemic tears ‘striking hole’ in German economy

Baku, January 24, AZERTAC

The COVID-19 pandemic has so far cost the German economy €350 billion, new data published on Sunday by the German Economic Institute shows. According to Euroactiv, the government lowered its growth forecast for 2022.

The bulk of the country’s economic losses since the start of the pandemic have been due to a slump in private consumer spending. Consumers have spent less on activities like outdoor dining and cultural events due to lockdown measures and cautious behaviour, the study’s authors explained.

Apart from shrunken consumption and investments, interruptions in global value chains have significantly impacted as additional border controls impeded imports and exports.

On Friday, the government significantly lowered its growth forecast for 2022.

 

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