GERMANY : Germany's economy, Europe's largest, took a massive hit during the pandemic shutdowns, shrinking by 10.1% during the April-June period from the previous quarter, the official statistics agency said Thursday.It was the biggest drop since quarterly growth statistics began being compiled in 1970.
The plunge far exceeded the previous worst-ever recorded performance, a fall of 4.7% in the first quarter of 2009 during the global financial crisis.Tough pandemic restrictions shut down everything from taverns to auto dealerships.The country has cautiously reopened and the economy has started bouncing back but economists say it is far from the pre-pandemic level and won't reach break even until 2022 at the earliest.Economist Carsten Brzeski.