COVID-19 Impact On German Economy Less Severe Than Expected

Germany's economy is recovering from the impact of the COVID-19 pandemic faster than expected, Economy Minister Peter Altmaier was quoted as saying by Reuters. "The recession in the first half of the year turned out to be less severe than we had feared. Overall, we can say that at least for now, we are dealing with a V-shaped development," Altmaier told reporters. Altmaier said Germany has revised its 2020 forecast to a decline of 5.8% from a previous estimate of -6.3%.