Throughout this year, Altmaier expects gross domestic product (GDP) to decline by about six percent, but next year, according to him, GDP could increase by more than five percent. Germany is the largest economy in Europe and also the Czech Republic’s largest trading partner.
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The minister also said that the situation on the German labor market should start to improve from November. Its goal is to return employment to pre-coronary crisis levels by 2022, Reuters reported.
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However, Altmaier pointed out that he was concerned about the rate of coronavirus spread in the United States. “A pandemic that gets out of control has a big impact on the world economy,” he added.
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In the first quarter, the German economy contracted by 2.2 percent compared to the previous three months. It thus recorded the deepest decline since the global financial crisis in 2009. In the second quarter, an even more significant decline is expected, the German federal office will publish its quick estimate in the middle of next month.
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