German unemployment is set to rise by around 520,000 and exceed 3 million this year, the IAB labour market research institute said on Friday, as the coronavirus pandemic puts strain on the economy and more people out of work, Trend reports with reference to Reuters.
In a research paper published on Friday, the institute said it expected Germany’s economic output to shrink by 8.4% in 2020 as a result of the epidemic, making it the worst recession since World War 2.
Real gross domestic product(GDP) fell by 14.6% in the second quarter, IAB said.