Economic Impact of COVID-19 on Germany and its Policy Response

ambarish — Tue, 11 Aug 2020 06:21:26 +0000

Germany’s economy is expected to be adversely affected by COVID-19 pandemic in 2020. The growth of real gross domestic product (GDP) of Germany is expected to shrink, unemployment level to increase and current account balance to decline due to COVID-19 this year. As of 11^th Aug 2020, Germany had 2,18,500 confirmed COVID-19 cases out of which 1,98,900 people have recovered from the disease while 9,265 have lost their lives.

This blog post covers economic impact of COVID-19 pandemic along with fiscal, monetary, employment and social policy measures taken by Germany government under following sections –

Impact of COVID-19 on Germany Economy in 2020
COVID-19 Containment Measures of Germany
COVID-19 Related Fiscal Policy Measures by Germany
COVID-19 Related Monetary Policy Measures by Germany
COVID-19 Related Employment Policy Measures by Germany
COVID-19 Related Social Policy Measures by Germany

1. Impact of COVID-19 on Germany Economy in 2020

Germany’s real gross domestic product (GDP) was Euro 2988.81 billion in 2019 and due to COVID-19 outbreak it is estimated to decrease by 7.8% to be around Euro 2755.68 billion in 2020.

Germany’s unemployment rate was 3.158...

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