The German economy is starting to recover as curbs to slow the coronavirus are lifted, a business morale survey showed on Monday, and separate output data pointed to the importance of government spending to support the recovery.
FILE PHOTO: The skyline with its financial district is photographed through a railing in Frankfurt, Germany, March 24, 2020, as the spread of the coronavirus disease continues. REUTERS/Kai Pfaffenbach
Separate data from the Federal Statistics office gave an indication of the damage caused by restrictions to stop the spread of the virus, which pushed the economy into its steepest contraction since 2009 in the first quarter. Chancellor Angela Merkel’s government, which has approved an unprecedented 750 billion-euro rescue package, is due next week to propose additional stimulus to sustain the recovery, which economists say will be slow and partly dependent on how fast Germany’s euro zone trading partners return to normal.
In a reversal of her opposition to big cash handouts within the European Union, Merkel this month also joined forces with France to allow the bloc’s executive arm to borrow 500 billion euros on behalf of its 27 member states and transfer it to the regions and industries hit hardest.
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