Berlin residents on Friday gave mixed views about the potential of the German economy to bounce back quickly from its COVID-19-induced recession.
«I think that despite the problems, the recovery will be quick as it is not a structural problem that we are seeing. It is rather an artificially created problem or one that is resulting from the virus. Therefore I think there won’t be a long-term... Еще recession. It will recover as fast as it plunged,» said Felix Hagen, a head hunter by trade.
However another local resident was less certain about the speed of any possible recovery. «I think this will take a while. If we start easing measures I think we could prevent more damage from happening. But that will show,» said Susanne Harf.
The German economy officially entered recession on Friday, after GDP contracted by 2.2 percent quarter-on-quarter in the first three months of 2020, largely due to the effects of the coronavirus outbreak. Economic output fell 0.1 percent in the previous quarter according to revised figures.
The first-quarter fall is the worst economic contraction experienced by Germany since the 2008-2009 financial crisis and the second largest quarterly decrease since German reunification.