COVID-19 threatens to knock away Germany’s last pillar of growth

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Image Credits: The Local Germany

Europe’s largest economy, Germany is being threatened by a grave affect on the country’s economy due to the ongoing coronavirus pandemic. Business authorities are worried that the business prospects in the Christmas shopping season might be hampered.

Some officials reveal that a gross domestic product-related survey asserted that the country’s economy shrank by 1.9% on the quarter in the first three months of the year. Thomas Glitzel, VP Bank analyst, claimed that manufacturing of persistent supply bottlenecks were holding back overall growth, which is visible in weaker investment activity by companies in machinery and buildings in the third quarter.

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