Coronavirus crisis could cost Germany hundreds of billions

Coronavirus crisis could cost Germany hundreds of billions
Coronavirus crisis could cost Germany hundreds of billions

The coronavirus crisis could cost Germany more than 500 billion euros (535 billion dollars) and more than 1 million jobs,

aleading research institute said on Monday, as the country's government preparedto agree a large package of economic measures, according to dpa.

"Thecosts will probably exceed everything we have seen from economic crises ornatural disasters in Germany in recent decades," Clemens Fuest, thepresident of the Munich-based ifo institute, said in a statement.

Insteadof modest growth, ifo now expects the economy to significantly shrink. Thedifference could, depending on the scenario, amount to between 7.2 and 20.6percentage points.

"Thiscorresponds to costs of 255 to 729 billion euros," Fuest said.

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