German Economy to Contract 6.6%; Banks Receive Record Credit Demand

[Sergey Golubev]

German Economy to Contract 6.6%; Banks Receive Record Credit Demand

The German economy is likely to contract by 6.6% in 2020 year-on-year, according to the economic institute Ifo.

Euro zone banks recorded a surge in emergency credit demand from corporate clients in the first quarter and a further rise is likely as the coronavirus pandemic batters the economy, the European Central Bank said in a bank lending survey on Tuesday.

The German economy is likely to contract by 6.6% in 2020 year-on-year due to the coronavirus pandemic, according to the economic institute Ifo. It said Europe's largest economy shrank by 1.9% in the first three months of 2020 and is expecting a 12.2% contraction in the second quarter. Germany The government has agreed to help airline Lufthansa with a rescue package worth around 9 billion euros ($9.74 billion) in return for a blocking minority and one or two supervisory board mandates, Business Insider cited company sources as saying.

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The chart was made on MT5 with standard indicators of Metatrader 5 together with following indicators:

• MaksiGen_Range_Move MTF - indicator for MetaTrader 5
• Fibo Bar MT5 - indicator for MetaTrader 5 (read this thread for fixed version)
• Laguerre - indicator for MetaTrader 5 (as a part of Laguerre scalping system)