Despite Germany’s economy is likely to grown in the third quarter of the year, it has been warned to expect a lengthy recovery process from the coronavirus pandemic.
Germany’s economy minister said in a monthly report: “The further economic upturn depends to a large extent on the course of the pandemic at home and abroad.
“For this reason alone, after the first stronger revival in May and June, the further recovery process in the German economy will only progress slowly and take a long time to complete.”
Under Chancellor Angela Merkel’s administration, the country launched a €130billion stimulus plan.
This includes tax incentives, aid for childcare and municipal governments as well as a budget for cleaner energy and digitalisation.
The plan aims to bring Germany out of the worst recession since the end of World War 2.
According to reports, the measures will raised €218billion in new debt this year alone.
The economy minister confirmed the level of goods and services exports is around 83 percent compared to before the start of the pandemic in February.
Last month, the European Union announced a staggering €750billion recovery fund to help with the looming global recession.
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This week, Chancellor Rishi Sunak warned “hard times are here” in the UK as the economy crumbled into its worst ever recession.
The economy shrunk by a record 20.4 percent in just three months.
Mr Sunak said: “I’ve said before that hard times were ahead, and today’s figures confirm that hard times are here.
“Hundreds of thousands of people have already lost their jobs, and sadly in the coming months many more will.
“But while there are difficult choices to be made ahead, we will get through this, and I can assure people that nobody will be left without hope or opportunity.”
This marks the first time in 11 years the UK has entered into a recession.
The latest GDP figures released by the Office for National Statistics (ONS) this morning showed that GDP fell by 20.4 per cent between April to June.
The UK has the highest death toll across Europe after surpassing more than 45,000.
Fears of a second wave have also been raised after new infections continue to rise across the country.
On a global scale, more than 20,000,000 people have been infected with 750,165 dying as a result.