Economic crisis 2020

Overview of the expected percentage growth in economic power per country for 2020. The countries marked in brown can expect a decline in economic power. The countries marked in green expect an increase in economic power. There is no data for countries marked in gray. Source: Economic Outlook Report of the International Monetary Fund .

The 2020 economic crisis (also known as the Second World Economic Crisis or Corona Recession , also known as The Great Lockdown ) came about in the wake of the COVID-19 pandemic . In many countries, social and economic life was largely shut down as part of ordered mass quarantines (“lockdowns”). As a result, there were closings and exit and contact restrictions were issued to prevent the unchecked spread of the coronavirus SARS-CoV-2 , which causes the disease COVID-19 . As a result, the stock exchanges collapsed, global economic output fell , unemployment rose , and numerous countries asked for international credit assistance.

In connection with the upcoming investment programs, it is also discussed how a green economic upswing , i.e. the structural change towards a climate-friendly economy, can be designed with these funds .

International

course

Since January 2020, the epidemic in Wuhan in China has had the first economic consequences, which initially primarily affected China and travel there. On January 24, 2020, Shanghai Disneyland Park temporarily closed due to the virus outbreak. This was followed by the branches of McDonald’s China in the cities of Wuhan, Ezhou , Huanggang , Qianjiang and Xiantao . Also joined Google 's offices, and Toyota was a production stop known. At the same time, Starbucks temporarily shut down its branches in China in 2000. McDonald's closed up to 300 restaurants and IKEA closed up to 30 stores in the country. Even Apple had its outlets closed. Large German companies stopped business trips to and from China as well as conferences in the country. The container exports by ship from China decreased (in February 2020) decreased by 30%.

The first trade fairs were also canceled in Barcelona , Geneva and Beijing . On February 28th, the Geneva Motor Show , which was supposed to take place from March 5th to 15th, was canceled.

Index development of the Dow Jones January to March 18, 2020

Oil price for the WTI variety January to March 10, 2020

On Monday, March 9, 2020, after the beginning of price losses in the previous days, there was a stock market crash , the so-called corona crash . At the Wall Street of the largest slump in stock prices has been reported since the 1987th Other indices worldwide also fell sharply because economic activity in many countries had largely come to a standstill. In addition, there was a sharp drop in prices on the oil market, for which a dispute and a price war between the oil exporters Saudi Arabia and Russia were just as causal as a slump in demand due to the corona crisis, which had led to oil becoming 25% cheaper since the beginning of the year. Both the Dow Jones and the DAX continued to lose ground in the following weeks, despite brief interim highs, so that both indices recorded a historically weak first quarter of 2020 with a loss of 23% and 25% respectively. Crude oil also continued to become cheaper and at the end of March it reached a price of less than $ 20 for the WTI variety . On April 20, 2020 the price plummeted again and reached a negative value for the first time. However, this was especially true for the US oil type WTI, as there is a short-term threat of overcrowding in the US oil stores. The price for the North Sea variety Brent was 27 dollars per barrel on the evening of the day. By mid-May 2020, the oil price recovered and was also above 30 dollars for the WTI variety, even after a reduction in production was agreed on April 9th was. Uncertainties on the oil market due to the crisis and the latent conflict between the producing countries remained, however.

Before Harrods in London, Saturday afternoon, March 28, 2020

In many countries, the closings of shops and companies resulted in increased unemployment and short-time working . In the week of March 26, 2020, the number of initial jobless claims in the USA increased tenfold from 282,000 in the previous week to around 3.3 million, which is a historically unique increase. That number doubled the following week, with nearly ten million Americans losing their jobs in March. A sharp rise in unemployment was also reported in Austria , Spain and Norway . In Norway, unemployment increased fivefold in a short period of time, the highest level since the Depression 80 years ago. Many companies also send their employees to work from home , which has far-reaching consequences for mobility, for example for transport companies. For the USA, economic output is expected to decline by 8% in the spring quarter.

The global textile industry, which lost many sales opportunities due to business closings, canceled or postponed orders worth at least 1.5 billion dollars in Bangladesh , which means that the companies there can no longer pay their workers. In Cambodia , according to the labor ministry there, more than 110 clothing factories, which together employ almost 100,000 workers, have suspended their production due to the pandemic.

Restaurants and shops were closed worldwide. On March 21, 2020, McDonald's Switzerland ceased operations completely until further notice. International airlines ceased operations for passenger flights, including Emirates on March 25 . The IATA spoke of the "worst crisis" in the history of international air traffic and anticipated a drop in sales of up to 44% or 252 billion dollars for 2020. Air movements in European airspace, for example, fell to a quarter of the previous year's figure at the end of March. Both Airbus and Boeing shut down production sites around the world in early April. In the long term, significantly less air traffic and thus a lower need for aircraft were expected, with four months of flight restrictions by 2030 around 27% less.

From mid-March to mid-May, the DAX rose by more than 23%. The NASDAQ had a higher price in mid-May than before the pandemic. This financial market reaction is explained by the measures taken by central banks and states, which secure the liquidity of some companies that determine the financial market (especially banks) and thus prevent their insolvencies.

Forecasts for the development of the world economy

According to the forecast of the International Monetary Fund (IMF) at the end of March, the recession was “inevitable” and was expected to be at least as momentous as that of the 2009 global financial crisis . The IMF had already received requests for loans from 81 developing and emerging countries. The OECD announced that every month in which exit restrictions exist in a country, "annual economic growth is reduced by two percentage points". The World Trade Organization (WTO) expected a sharp decline in world trade of 13 to 32% in 2020 at the beginning of April . In mid-April 2020 the IMF expected "probably the worst recession since the Great Depression of the 1930s". The crisis is "like no other so far." The global economy will shrink by around 3% in 2020. In fact, unlike in the financial crisis around 2009, all countries are affected. A decline of 5.9% was forecast for the USA and 7.5% for the euro zone. The European Commission went in early May 2020 by a decline in economic output in the euro zone of about 7.75%. There will be no full compensation in 2021 either. Economic Commissioner Paolo Gentiloni spoke of an economic "shock" that has not occurred since the Great Depression. In July, the Commission lowered its forecast and now assumed an economic slump of 8.7% for the euro area and 8.3% for the Union as a whole in 2020. Commissioner Valdis Dombrovskis said the economic impact of the lockdown was "even worse than we originally expected". In the economic forecast, Poland, Denmark, Sweden, Luxembourg and Germany are doing relatively well; Spain, France, Italy and Croatia are the biggest losers with a decline of more than ten percent. In general, Helmut Ettl, Head of the Austrian Financial Market Authority, stated about the prognoses: “Corona is not only treacherous for health, but also with regard to its effect on the economy. We do not know this type of crisis, we have no experience. "

Aid organizations pointed out the danger that more people, especially in the poorest countries, could die from the economic consequences of the crisis than from the virus. Forecasts put 35 to 65 million people who could slide into absolute poverty, threatening them with starvation. From India, for example, there are already reports of people threatened by starvation due to the curfew. At the beginning of April 2020, around a third of employees worldwide were no longer allowed to work. In many countries there is also a lack of income from tourism. According to the rating agency Fitch , the growth forecasts for many of the largest industrialized and emerging countries for 2020 were between minus two and minus five percent. In July 2020, Welthungerhilfe predicted that the number of people suffering from hunger could rise to one billion due to the consequences of the crisis. According to Secretary General Mathias Mogge, the crisis acts like a “fire accelerator” on existing crises. Mogge reported that he heard from countries like Zimbabwe or Kenya that people were more likely to die of hunger than of Corona. For Zimbabwe, for example, he forecast an increase in the number of starving people from six to eight million as a result of the crisis. In Kenya, food prices have risen by 30 percent.

One model of the dynamics triggered by an economic recession operates with the letters "L", "V", "U" and "W". The “ worst case ” in the case of the 2020 COVID-19 pandemic would be that the development could be represented in the form of an “L-curve”. Long lasting lower economic output would mean long stagnation after the crash. The most extreme version of this development would be a depression, a phase with a wave of bankruptcies and mass unemployment, in which fundamental confidence in an economic recovery is lost. A steep decline in the economy with an imminent, equally rapid recovery was observed during the 2008 financial crisis. This course can be represented by a "V". A “U-curve” shows a development in which the recovery after the crash continues. The "W curve" - ​​rapid recovery, renewed slump and only then a resilient recovery - would be the scenario in the event that there is something like a second wave of coronavirus infections.

The economic historian Albrecht Ritschl did not rule out the possibility that the 2020 crisis could take on the dimensions of the world economic crisis of 1930. The current standstill of the economy can only be compared, if at all, with a war economy . In an international comparison, Germany would be “doing quite well” due to its relatively low national debt , but on the other hand it was more dependent than others on the flourishing economy in neighboring countries.

activities

In April 2020, the G20 agreed on a payment deferral of at least one year of 11 billion dollars, which they would grant poorer countries. In addition, the G20 countries passed an aid package of up to five trillion dollars.

The International Monetary Fund made available up to 900 billion euros as loan support for particularly affected countries.

EU action

The European Central Bank decided on an aid package called the Pandemic Emergency Purchase Program ( PEPP for short ), which will run until the end of 2020 , in order to purchase bonds worth an additional 750 billion euros. With the statement “There are no limits to our promise”, Christine Lagarde declared her willingness to lift all previously applicable restrictions on the ECB's bond purchase programs as required. The EU Commission was planning a program worth 100 billion euros for a European short-time work allowance called “Sure”.

On April 9, 2020, the EU states agreed on an aid package worth around 540 billion euros, the credit lines from the ESM euro rescue package (240 billion euros), a guarantee fund for corporate loans from the European Investment Bank (200 billion euros) and the European short-time work allowance "Sure" (100 billion euros). A reconstruction fund is to be worked on. According to a spokeswoman for the European Commission, the individual members of the European Union (EU), including the EUR 540 billion aid package from the EU, have mobilized a total of EUR 3.4 trillion as of April 2020 in order to contain the economic consequences.

To relieve the budgets of the heavily affected countries Italy and Spain , so-called corona bonds , a form of an EU bond, were discussed. The discussion was controversial both at the European level and in the EU member states. While France , Italy and Spain, for example , are in favor of this, the Netherlands , Austria , Denmark and Sweden in particular rejected such a solution. For these countries the designation "The thrifty four" was used. In Germany, large parts of the Union parliamentary group opposed it, while Bündnis 90 / Die Grünen supported them. Chancellor Angela Merkel had also first spoken out against it. But in May 2020, together with French President Emmanuel Macron , she proposed an aid fund for EU countries worth 500 billion euros, in which the EU Commission, with the permission of the member states, would have borrowed the same 500 billion euros on the financial market. EU Commission President Ursula von der Leyen then proposed a € 750 billion economic stimulus and investment program that, in addition to borrowing € 500 billion, provided for 250 billion euros in loans to EU countries. In July 2020, following a meeting of the European Council , the heads of government of the EU states finally agreed on a € 750 billion EU development plan to cope with the economic crisis in 2020 and a € 1,074 billion multiannual financial framework for the years 2021-2027 , which is a final one confirmation by the EU Parliament is required. The EU development plan, which comprises 750 billion euros, consists of joint borrowing by the EU Commission (in the sense of the corona bonds) amounting to 390 billion euros and lending to EU countries amounting to 360 billion euros.

Climate protection and shaping structural change

A group of world-leading economists suggests promoting the economy with measures that also serve climate goals (called green recovery ). According to their analysis, climate-oriented economic policy "not only leads to economic growth and jobs in the short term, but also creates the basis for long-term innovations and climate-friendly economic development." They regard "measures that strengthen the links between economic growth and fossil fuels and future ones as critical." Leading asset losses ”(cf. with carbon bubble ). Frans Timmermans , EU Commissioner for Climate Action, said the “ Green New Deal ” was the EU's strategy. He said: “I think that in business you know that only sustainable business will in the long run deliver profits and jobs. We cannot make the huge mistake of investing in an economy that is not sustainable. It then has to be rebuilt afterwards and then we have no more money for this rebuilding. ”Timmermanns also referred to the fairness of the generations : the loans to be taken out now would have to be repaid by the coming generations. He said: "What kind of world do we offer our children and grandchildren when we say: We get extra debts, but no clean world and no environmentally responsible policy?"

Australia (Norfolk Island)

See also : COVID-19 Pandemic on Norfolk Island, Economic Impact

China

See also : COVID-19 Pandemic in the People's Republic of China, Economic Consequences

Costa Rica

See also : COVID-19 Pandemic in Costa Rica, Economic Impact

Germany

See also : COVID-19 pandemic in Germany, economic consequences

course

Closed street catering on a Saturday afternoon in Cologne, March 21, 2020

In Germany, according to a DIHK survey of 15,000 German companies at the end of March, 80 percent expected a significant drop in sales for 2020, more than 25 percent of the companies expected their sales to halve at least. Almost every fifth company saw itself at acute risk of bankruptcy. DIHK President Eric Schweitzer warned of economic "damage of historical proportions". According to various indices, industrial production in Germany collapsed overall in March. According to the Federal Statistical Office, industrial production fell by 9.2 percent in March compared to February. In industry itself, i.e. in the manufacturing sector minus the construction and energy sectors, there was a decline of 11.6 percent, which is the largest drop since the start of the production index in 1991. The auto industry suffered a decline of more than 30 percent, mechanical engineering a minus of 10.4 percent and the electrical industry a minus of 9.2 percent. In manufacturing, new orders for April, the first entire month affected by the pandemic and the measures, fell by 15.6 percent compared to March. Incoming orders from the Eurozone fell particularly sharply, by 17.9 percent. German exports fell by 7.7 percent in March compared to the same month last year, imports by 4.4 percent. In April, according to the Federal Office, the decline in exports compared to the same month last year increased to 31.1 percent, which is the largest decrease in exports compared to the same month last year since 1950, when foreign trade statistics began. Compared to the previous month of March, 24 percent fewer goods were exported. Imports fell by 21.6 percent compared to the same month last year. As of June, the DIHK and BDI were each expecting a decline in exports of 15 percent for the year as a whole.

According to the Federal Statistical Office, overall economic output in Germany fell by 2.2 percent in the first quarter compared to the previous quarter, although the economic crisis did not yet have any major effects in January and February and in March it was mainly the second half of the month that was affected. It is the sharpest decline since the financial and economic crisis in 2009. In the second quarter, economic output fell by 9.7 percent compared to the previous quarter, a little less than initially expected at 10.1 percent. The decrease compared to the same quarter of the previous year was 11.3 percent. The slump was thus much stronger than in the 2008/09 economic crisis. At the same time, it was the sharpest decrease since quarterly calculations were introduced in 1970.

labour market

At the end of March 2020, 470,000 companies in Germany had registered short-time work . By April 9, that number had risen to 650,000; on April 17, it was more than 720,000. By April 26, the companies had already registered short-time work for 10.1 million people. Compared to the last few decades, this is an unprecedented number that has by far exceeded all forecasts by economists.

While unemployment figures rose by several million in many countries in spring and summer 2020, e.g. For example, unemployment rose by around 30 million in the USA in May and June there was only a moderate increase in unemployment: in May by 169,000 to 2,813,000 people and in June by 40,000 to 2,853,000. Detlef Scheele, CEO of the Federal Employment Agency, attributed this comparatively small increase in his monthly report for June 2020 to the massive use of short-time working.

At the end of June, initial information on the actual use of short-time work was also available: according to this, 2.49 million employees were actually on short-time work in March and 6.83 million in April. In May the companies submitted new applications for short-time working for 1.14 million people, in June only 342,000.

Automaker

Large car manufacturers such as Volkswagen , BMW , Daimler and PSA ( Opel ) interrupted their production or cut it back sharply. At VW, 80,000 employees went on short-time work. The cause was the interruption of global supply chains , for example to China, and the protection of its own employees, as well as the largely closed car dealership in Europe and elsewhere. Auto suppliers are also hard hit by the crisis . In March 2020, car sales in Germany were around 38% below the same month last year. In April it was 61.1 percent below the same month last year, in May 49.5 percent below. 1.2 million cars were built in Germany from January to May, 44 percent fewer than in the previous year. Since demand from abroad would also remain weak, automotive expert Ferdinand Dudenhöffer reckoned a 26 percent decline in production for the year as a whole and, with 3.4 million vehicles built, a decline to the lowest level since 1974. He also forecast for the Industry a “wave of layoffs” after short-time work. The crisis is costing around 100,000 jobs at automobile manufacturers and suppliers in Germany.

retail trade

City-Galerie shopping center Augsburg , March 27, 2020

In the retail sector, sales in March fell by 4.0% compared to February, according to the Federal Statistical Office. Groceries, tobacco products and pharmacies recorded an increase of more than 7%, the clothing industry, however, a decrease of over 50% compared to February.

Galeria Karstadt Kaufhof sent almost all of the approximately 30,000 employees on short-time work. The General Works Council wrote a letter to Chancellor Angela Merkel warning of a possible existential threat to the company. The company has reportedly applied for state aid. 80 department store branches are to be closed permanently. The remaining 90 branches are expected to lose ten% of jobs. Sporting goods manufacturers and retail chains such as Adidas , Puma , H&M , Deichmann , C&A , KiK , Takko and TEDi , but also Galeria Karstadt Kaufhof began to stop paying the shop rents after their income had fallen sharply due to the closure of the shops. According to the emergency laws issued due to the corona crisis, they may not be dismissed. After public criticism, Adidas apologized and promised to pay the rents for April after all. Puma announced short-time working and spoke of "drastic sales losses". H&M, which employs around 125,000 people, has had to close 70% of its stores worldwide and is considering layoffs in the five-digit range. Similar consequences are forecast for suppliers from the fashion and textile industries. Some companies like Trigema switched to the production of protective masks as well as other protective equipment and medical products. (See also: Manufacture of protective equipment and medical devices in the COVID-19 pandemic .) The closed shops also hit the toy industry , which makes 60% of its sales in stationary retail and which lacks a large part of the Easter business.

Business for supermarkets, discounters and certain food producers are comparatively stable during the crisis - partly even fueled by hamster purchases - but they fear a slump in sales after the crisis. Hygiene products such as toilet paper were in extremely high demand and sold out in many places. The manufacturer Essity (brand Zewa ) does not fear any bottlenecks. Large online retailers such as Amazon benefited in particular from the crisis. However, the Federal Association of E-Commerce and Mail Order Germany (BEVH) warned that the opposite effect would occur for small online retailers and called for state aid. Many smaller online retailers are active in sectors that are currently affected, such as the event industry, and their existence is threatened. Others lacked sales channels or felt a general reluctance to buy in the crisis.

Craft

Crafts were also badly affected. According to a ZDH survey of 4,900 companies, 77% of the companies recorded declines in turnover, which totaled up to 50%. 16% of the companies, mostly those with shops, had to close their shops.

Hotel and catering industry

Hotels, landlords of holiday homes and apartments, campsite operators and restaurants are also centrally affected. The first larger companies such as the restaurant chains Vapiano and Maredo filed for bankruptcy in March 2020, although the former had already got into economic difficulties. As a result of the closed canteens and restaurants, suppliers such as beer brewers, caterers and wholesalers are also affected. The hotel and restaurant association (Dehoga) warned that many companies could not hold out two months. In fact, those innkeepers who are affected by the ban on major events up to August 31, 2020 in Germany, which was decided on April 15, 2020, will have to forego income from these events for months because fairs, shooting festivals and larger concerts are not taking place. Suppliers in the industry are also affected, as the example of the owner-managed , 400-year-old brewery Werneck shows, which has specialized in delivering to public and private parties and is ceasing to operate. On April 12, 2020, Ursula von der Leyen , President of the European Union , advised against making binding bookings for the 2020 summer vacation in spring. It is unclear which restrictions there will be in July and August 2020 in travel and hospitality. According to Dehoga, in April 2020 around a third, around 70,000 of 223,000 companies, were threatened with their existence. In a further survey in August, almost 60 percent of the companies stated that their existence was threatened. In addition, the respondents complained about an average loss of sales of around 60 percent for the period from January to July compared to the same period last year.

Numerous restaurants switched to take-away or delivery services. Suppliers from other industries also switched to delivery services, such as nurseries.

In Germany there are also operators of holiday complexes who see the corona crisis as an opportunity. The deterrent effect of the global travel warning issued by the Federal Foreign Office would motivate additional people willing to travel to Germany in 2020. They would encounter reduced capacities in the accommodation industry at popular holiday destinations in Germany. This will increase the market opportunities for holiday resorts inland, especially if the contact risk from living in separate holiday homes or apartments is low. As early as April 2020, it became clear that holiday homes and apartments in Germany would be available (again) relatively early. In fact, the ban on living in second homes where it had been imposed was lifted comparatively early (in Lower Saxony from May 6, 2020 / “Level 1”), so that their owners could again contribute to the revitalization of the local economy at their second home . In the five-step plan for a "return to life" presented by the Lower Saxony State Chancellery on May 4, 2020, it was determined that holiday apartments could be rented again from May 11, 2020 (= phase 2). Also in phase 2, restaurants, pubs, cafés and beer gardens were allowed to open in Lower Saxony. The opening of “hotels, guest houses, youth hostels, etc.” was permitted in Lower Saxony with the entry into phase 3 (from May 25, 2020).

See also : Situation in the sex industry

Culture and events industry

Empty-swept Große Freiheit in Hamburg, March 17, 2020

Musical Dome in Cologne for the Night of Light campaign , June 22, 2020

In addition to the cancellation of events such as trade fairs, cultural and sporting events as well as folk festivals and the closure of cultural establishments such as theaters, cinemas and clubs, the pandemic also affected the book trade and publishers. Specialist publishers such as Hanser , who are dependent on the book trade, had to accept a complete loss of orders. The authors' association PEN called for the bookshops to be opened. Despite the increased interest in media content, newspaper and magazine publishers were also affected during the crisis, particularly by the sharp decline in the advertising business, which accounted for between 20 and 80% depending on the sector. The Federal Association of the Concert and Event Industry estimates that around 80,000 events will have to be canceled between March and May 2020. The damage is estimated at around 1.25 billion euros. In the culture and creative industries as a whole, the federal government expects losses of between 9.5 billion and almost 28 billion euros in 2020. The Federal Cultural and Creative Industries Competence Center described the corona pandemic as "unique in German history in terms of its effects on society and the economy". In addition to other activities, the industry initiated the Night of Light on June 22nd and 23rd to draw attention to its situation.

To “find out how cultural events can be possible again”, a “Corona concert” was held on August 22, 2020 in the Leipzig Arena with Tim Bendzko as the singer. The concert formed the empirical part of a scientific study called " Restart-19 " by the medical faculty of the Martin Luther University in Halle . The faculty is looking for ways to get away from the blanket ban on large-scale events with an audience.
In the event industry, intensive work is being done to be able to make "COVID-19-compliant" and therefore approvable offers (examples: " ghost games " without an audience in team sports, temporary amusement parks instead of fairs and Christmas markets to shooting parties without tents and the possibility of Stay of guests at a counter in the 2021 season).

Agriculture and food processing industries

Thousands came forward in North Rhine-Westphalia as a helper in the asparagus harvest, after numerous harvest workers who normally for seasonal work had come from Eastern European countries, the entry had been denied. Some of the helpers were short-time workers looking for paid sideline work. After criticism of the entry ban, the federal government approved the entry of 40,000 seasonal workers from Eastern Europe in April and May, but only by plane and with a health check and quarantine measures. Time and again it turned out that harvest workers and workers in the meat and vegetable processing industry played a central role in the development of COVID-19 “hotspots” . The districts of Gütersloh, Warendorf and Dingolfing-Landau exceeded the critical value of 50 new infections per 100,000 inhabitants in the past seven days in the summer of 2020.

Travel and traffic

Aircraft parked for lack of use on the northwest runway at Frankfurt Airport, March 27, 2020

Germanwings' flight operations were suspended on April 7th.

Danube below Passau in July 2020: While passenger ships have resumed operations, river cruise ships are waiting to be used again .

The Lufthansa , the end of March had only 8.5% of the fleet in operation, and the TUI , which exposed their entire travel program to 23 April, ran into financial difficulties. TUI received a bridging loan of 1.8 billion euros from KfW . Lufthansa boss Carsten Spohr announced a downsizing of the company with its 140,000 employees. On April 7, it became known that the Lufthansa Group is ceasing the flight operations of the wholly owned subsidiary Germanwings with 1,400 employees. In addition, other aircraft within the Lufthansa Group are to be decommissioned. A state rescue package worth over nine billion euros for Lufthansa was resolved by June 2020. After discussions with the EU and the major shareholder Heinz Hermann Thiele , the Annual General Meeting at the end of June 2020 approved this. The package also includes a temporary government stake of 20% in the company, which is planned until the end of 2023. Nevertheless, around 22,000 employees worldwide are expected to lose their jobs, although layoffs are only planned at one subsidiary in North America. Even Airbus introduced a temporary production, but took it once - to a lesser extent - again. The supplier MTU Aero Engines , however, initially suspended them for three weeks. Airbus announced another production stop in various plants at the beginning of April. After resuming production, Airbus announced 15,000 job cuts worldwide in June 2020, including over 5,000 in Germany. Compulsory redundancies were also not ruled out. While the vacation airline Condor also applied for short-time work and state aid, the airport operator Fraport stated that it had sufficient liquidity and wanted to survive the crisis with cost-cutting measures. The Frankfurt Airport recorded the end of March a decline in passenger numbers by 90% over the same month last year. In the first week of April, the total passenger volume at German airports fell to a value of 2% compared to the previous year. The German rail reduced its rail service by up to 25%, with the GDL because virtually empty trains called for a reduction to 50%.

Other areas of the transport industry and in particular tourism were also heavily affected, such as the bus industry . According to the industry association, the Federal Association of German Bus Entrepreneurs , up to 90% of medium-sized companies in bus tourism and long-distance transport are facing economic collapse. Large providers such as Flixbus and BlaBlaBus also ceased operations from March 17th until further notice. In addition, the crisis is also affecting the petrol station operators: In particular, the lack of shop sales means that many tenants are directly threatened with extinction. Sharp declines recorded as the taxi trade, car rentals , driving schools , travel agencies and showmen . After several COVID-19 cases, including deaths on board, almost all cruise ships worldwide were decommissioned or were on their return journey to the ports of departure at the beginning of April 2020. In May the Federal Association of the German Tourism Industry (BTW) warned of a "collapse" in the industry. According to a survey of 11,000 travel agencies and 2,300 tour operators, two thirds of the companies saw themselves threatened with bankruptcy in the short to medium term.

Local public transport also has to complain about massive fare cancellations due to the reduced use of public transport. The transport ministers of the federal states are calling for a rescue package for public transport operators. Individual transport companies, such as the Deutsche Bahn subsidiary ORN , have announced their withdrawal from local public transport.

Construction and real estate

In the real estate market , there were fewer searches on the Internet after the contact bans; Visits to the apartment and notary appointments could not take place. The construction industry also felt the crisis, at the beginning of April 2020 the industry worked 70 to 80%. Among other things, it lacked workers from Eastern Europe. The building boom that had prevailed before was initially considered over. According to a survey by the Main Association of the German Construction Industry , 60% of the member companies reported the consequences of the crisis, including construction site closures, a high level of sick leave and additional costs due to higher organizational effort. The association forecast that sales, which had previously been predicted to increase by 5.5%, would now stagnate at around the 2019 level.

Public budgets

It was already becoming apparent that this would mean that public finances would have to accept income tax losses. The closings of shops also resulted in a sharp drop in business tax revenues , which make up 40% of municipal budgets. In May 2020 it became known that the federal, state and municipal tax revenues will be almost 100 billion euros lower than forecast in autumn 2019. The municipalities were most affected by this. These alone lacked 13 billion euros in trade taxes. In addition, there was additional expenditure, for example by health authorities and social spending. As a result, economic aid for the municipalities was decided as part of the federal government's economic stimulus package. However, this also met with criticism from some municipalities because the expected losses in the following years were not taken into account. A balance sheet for the first half of the year showed that the federal, state, local and social security funds had spent 51.6 billion euros more than they received in the first half of the year. In relation to total economic output, this corresponded to a deficit of 3.2 percent. For the first time since 2010, revenue fell compared to the same period in the previous year, while government spending rose by 9.3 percent.

Relaxations

After some measures were withdrawn on April 15, 2020, numerous shops with less than 800 square meters of sales area were allowed to reopen in Germany , as well as booksellers, car and bicycle dealers regardless of the sales area. This resulted in different manifestations. In some federal states, even larger shops were allowed to open 800 square meters of their sales area or to multiply the permitted sales area (e.g. by defining the men's and women's departments of a textile retailer as a separate shop, both departments being spatially separated from each other and being accessible through separate entrances) . The term "sales area" was also defined differently from country to country.

Depending on the federal state, different opening dates between April 20 and 27 were named. While some of the big fashion chains reopened their stores in whole or in part from April 20, including KiK , TEDi , Gerry Weber and Zara , others with large stores could not or did not want to do this, such as C&A . In North Rhine-Westphalia, on the other hand, large furniture stores such as IKEA were also allowed to open. The department store chain Galeria Karstadt Kaufhof sued there and in several other federal states against the unequal treatment perceived by the differently defined opening options. Federal Health Minister Jens Spahn spoke out in favor of more pragmatism when withdrawing the measures: "We all feel that it is difficult for many to understand why shops with 799 square meters are allowed to open, but shops with 801 are not."

The observation that different regulations in the retail sector led to undesirable "shopping tourism" across national borders had already prompted the Lower Saxony state government on April 4, 2020, to ban the sale of items in hardware stores to non-commercial customers, which came into force on March 23 cancel. This ban led to undesirable cross-border shopping traffic, especially to Bremen and North Rhine-Westphalia, where there were no such bans. Similar undesirable mobility incentives and distortions of competition due to different country-specific requirements were also observed at other national borders in spring 2020.

At the end of April 2020, various automobile manufacturers, including VW and Daimler, resumed production - but with restrictions in view of partially disrupted supply chains. Others such as Ford in Germany and BMW did not name the restart of production until May.

Forecasts on the development of the economy in Germany

It is possible that business models that were widespread before the outbreak of the COVID-19 pandemic will no longer be feasible in the long term (to the usual extent), e.g. B. the implementation of cruises, events in full stadiums or in closed rooms etc. For example, the five-step plan "New everyday life with the coronavirus" of the Lower Saxony State Chancellery in the version of June 4, 2020 saw no possibility for owners of "Shisha bars, discos, clubs and the like" intend to resume business in Lower Saxony in the foreseeable future.

In the ARD magazine " Panorama " on June 11, 2020, the fear was expressed that the German taxpayer would have to pay for the loss of € 25 billion in the worst case, if all clients of new cruise ships meet their contractually agreed payment obligations to German shipyards do not follow. There is currently no need for new cruise ships worldwide.

With regard to the question of whether it is advisable to also allow large events again, the Robert Koch Institute gives a differentiated answer. As long as the coronavirus can only be prevented from spreading uncontrolled by contact restrictions and compliance with hygiene rules, events in which a high proportion of participants are "risk-prone" (due to characteristics such as old age and / or previous illnesses, but also due to the predictable willingness to behave in a way that promotes infection), in which there is intensive contact between the participants (e.g. when dancing) and in which the venue has deficiencies (e.g. poor ventilation).
On August 5, 2020, the state of Schleswig-Holstein published a table with five “opening levels” and four “risk classes” (1. “Events”, 2. “Group activities”, 3. “Markets” and 4. “Meetings”). Opening level 3 was reached on July 20, 2020. Whether and when opening levels 4 and 5 will come into force is unclear and depends on the development of the pandemic.
It is foreseeable that the risk of insolvency will become acute for such service providers as a result of prolonged loss of income, which does not succeed

• to be able to identify individual customers or visitors (so that they can be informed promptly about a possible infection),
• To prevent violations of hygiene regulations and the obligation to observe minimum distances as well
• to offer a sufficient number of sanitary facilities that always meet hygienic standards.

GDP decline

• At the end of March, the economic research institutes forecast a decline in gross domestic product (GDP) of between 7 and 20% in 2020 , depending on the scenario .
• Economics Minister Peter Altmaier expected a bigger recession than after the global financial crisis due to the measures against the virus such as exit restrictions, shop closings, the extensive cessation of tourism and air traffic and the cancellation of numerous major events . At the beginning of April 2020, he forecast a decline in economic output of more than 8% in the first half of the year.
• The Expert Council of the Federal Government went in late March 2020 in three different scenarios from a deficit in the GDP from 2.8 to 5.4%. In June he lowered the forecast to minus 6.5% and anticipated the likely "strongest slump in the German economy since the Federal Republic of Germany was founded".
• In their joint spring report at the beginning of April, the leading economic research institutes expected a decline in economic output of 9.8% in the second quarter, more than in the financial crisis. For the full year they forecast a minus of 4.2%, which would be less than at that time. However, these calculations were made on the basis of a shutdown that was lifted in mid-April, so the researchers have already admitted that the recession could be much more severe.
• At the end of April, the German government expected a decline of 6.3% for 2020 as a whole, a third more than in the 2009 financial crisis.
• The Bundesbank forecast a decline of 7.1% in June.

costs

• In March 2020, the Ifo Institute assumed costs for the German economy of between 255 and 729 billion euros.
• The chief economist of Deutsche Bank , David Folkerts-Landau , reckoned with costs of one to 1.5 trillion euros, which in his opinion Germany could bear due to the comparatively low debt.

activities

The German government decided on 23 March 2020 both aid packages for small businesses and self-employed solo worth about 50 billion euros as a protective shield for larger companies that are part also of a supplementary budget worth 156 billion euros. In addition to the national debt, this also includes planned tax losses due to the crisis. There is also a rescue fund with a volume of 600 billion euros for medium-sized and larger companies. It consists of loan guarantees amounting to 400 billion euros, 100 billion euros for state holdings in companies and 100 billion euros to finance easier access for bridging loans from the state KfW. The federal government's measures have a total value of around 750 billion euros.

After the decision on the historic Corona package of measures in the German Bundestag on March 25 and the approval of the Bundesrat two days later in a special session, media reports show that the emergency aid was in great demand: over 360,000 requests for assistance were received immediately after the legislative decisions . In Berlin , the Senate's aid program has already had to be increased. There were also reports of technical problems. In Hamburg on March 30th, there was initially no corresponding form available. After the problems had been resolved, it could be activated in the late evening. FDP boss Christian Lindner also criticized a "support gap " in companies with between ten and 250 employees. As a result, in the second week of April, the federal government launched a quick loan program for medium-sized companies.

Another measure was a change in the law that commercial and private tenants may not be given notice if they do not pay the rent. The rent has to be paid later. There are similar regulations for contracts relating to energy, water and communication. Further measures were decided on April 23, 2020. These include a reduction in VAT for the catering industry from 19 to 7% limited to one year from July 1st, a step-by-step increase in short-time allowance , a longer period of unemployment benefits and tax relief for small and medium-sized companies.

The economic council of the CDU called for a review of climate policy requirements.

At the beginning of June 2020, the SPD and CDU agreed on a 130 billion euro economic stimulus program consisting of 57 measures. This includes, for example, the temporary reduction in VAT for a period of at least six months from July 2020, the cap on social security contributions up to and including 2021 at a maximum of 40% and a cap on the EEG surcharge to 6.5 cents per kilowatt hour. Criticism of the stimulus package came from the automotive industry. Industry expert Ferdinand Dudenhöffer criticized the waiver of a purchase premium for modern combustion engines, which was mainly enforced by the SPD , since with this around 300,000 more vehicles could have been sold. With the support for electric cars, however, only a "niche market" is served.

El Salvador

See also : COVID-19 Pandemic in El Salvador, Economic Consequences

France

During the COVID-19 pandemic in France , 800,000 people became unemployed within one month in April 2020. The OECD forecast a decline in economic output of more than eleven percent for the country for 2020 as a whole, and the French government is also assuming this. In addition, the national deficit is to increase from three to 11.4 percent, and the total debt to more than 120 percent of the national budget.

The French government saved companies threatened by bankruptcy such as Renault and Air France-KLM with state funds. However, other companies such as retail chains and auto suppliers are considered to be at great risk of bankruptcy. Since the lockdown in France was more severe than in Germany, for example, more companies were idle here, such as around 75 percent of construction companies (Germany: 20 percent).

41 percent of the French said they felt their economic situation had deteriorated, and many of those affected reported health consequences such as depression .

Italy

See also : COVID-19 pandemic in Italy, economic consequences

Japan

See also : COVID-19 Pandemic in Japan, Economic Impact

In Japan, the fourth largest economy in the world, gross domestic product fell by 3.4% from January to March. However, the economy had already shrunk by 7.3% in the previous quarter, mainly due to a VAT hike that brought many purchases forward. Exports collapsed by 6.0% in the first quarter of 2020, the highest decline since 2011. For the current quarter, economists are forecasting a decline in economic output of 22%. An economic stimulus package of around one trillion euros and expanded aid programs from the central bank have been announced. Prime Minister Shinzo Abe planned a further supplementary budget to finance this .

Netherlands

See also : COVID-19 Pandemic in the Kingdom of the Netherlands, Economic Consequences

Austria

See also : COVID-19 pandemic in Austria, economic consequences

In the course of the first cases of COVID-19 in Italy, trains stopped at the Brenner on February 23, as two suspected cases were reported by the Italian railways to the Austrian Ministry of the Interior. The first cases of the corona virus became known in Innsbruck on February 25. The Hotel Europa was cordoned off.

The first travel restrictions came into effect on March 10th. In the press conference on March 11, it was announced that events in closed rooms for 100 people or more and outdoors for 500 people or more would be temporarily banned. As of March 16, the number of unemployed people rose by more than 115,000 within a week as a result of extensive shop closings, as did the number of short-time workers.

On March 18, economic policy measures totaling 38 billion euros were approved: an emergency aid package worth 4 billion euros, 9 billion euros for guarantees and liabilities to secure loans, 15 billion euros for sectors that are hit “particularly hard” and 10 billion euros for Tax deferrals. Part of the money is planned for a hardship fund to be paid out immediately to one-person companies and micro-entrepreneurs.

Panama

See also : COVID-19 Pandemic in Panama, Economic Impact

Spain

See also : COVID-19 pandemic in Spain, economic consequences

Switzerland

See also : COVID-19 pandemic in Switzerland, economic consequences

• On March 20, 2020, the Federal Council decided on a comprehensive package of measures worth CHF 32 billion to cushion the economic consequences of the spread of the coronavirus. Together with the measures already decided on March 13, 42 billion francs are currently available. Everyone affected by the crisis should benefit from the financial aid: companies, self-employed people, cultural workers, permanent and temporary employees. Finance Minister Ueli Maurer left no doubt that the federal government wants to support the economy at all costs: “If more money is needed, we will make these amounts available”. The measures are the largest economic aid package in Swiss history. With CHF 20 billion of the package of measures, the federal government and 300 banks want to save Swiss SMEs from collapse. The interest-free loans up to CHF 500,000 with a federal guarantee can be applied for online via EasyGov.swiss and are paid out to the companies by their house bank. The corresponding ordinance came into force on March 26, 2020. On April 3, the Federal Council decided to increase the guarantee program for COVID bridging loans. Due to the great demand, he increased the existing commitment credits by 20 billion to a total of 40 billion francs.
• As of April 7, 2020, applications for short-time work have already been received from 1.5 million people across Switzerland . This corresponds to around 30% of the workforce. In Ticino around 45% of the labor force is affected by short-time work. 1900 people lose their jobs in Switzerland every working day. The unemployment rate rose from 2.5 to 2.9% in March.
• According to information from the State Secretariat for Economic Affairs (SECO) dated April 11, 2020, the situation in the Swiss economy has deteriorated much more than expected at the beginning of the corona crisis. So far, the Swiss economy has lost 25% of its productivity. Depending on the industry, productivity losses vary in size, with the hospitality industry more than 80%, with the retail trade and transport industry 50 to 60%.
• On April 23, SECO announced its new, sharply downwardly revised economic forecast for 2020. Federal economists are assuming that GDP will fall by 6.7% this year. This corresponds to around 90 billion francs in economic output. That would be a similarly severe recession as during the oil crisis of 1975/76.

South Africa

See also : COVID-19 pandemic in South Africa, consequences for tourism and wildlife

Syria

See also : COVID-19 pandemic in Syria

United States

See also : COVID-19 Pandemic in the United States, Economic and Social Impact

In the United States , the unemployment rate rose from 3.5% in February to 4.4% in March. However, only values ​​up to the beginning of March were included in the monthly statistics. Since then, as of May 14, 36.5 million initial jobless claims have been recorded. The unemployment rate for April was announced at 14.7% (although only figures up to the middle of the month are recorded), the highest level since the Second World War. The actual unemployment rate could be higher, however, as around eight million people were reported as "absent for reasons not specified in detail"; this number was recently around 620,000. In May 2020, an unexpected drop in unemployment in the United States to 13.3 percent was announced by analysts. A loosening of the sanctions resulted in new hires, the number of employees outside the agricultural sector rose by 2.5 million people instead of an expected decline of eight million.

Economists estimate that the US economy contracted by up to 10.8% in the first quarter. This would correspond to the steepest decline since 1947. Sales in retailing collapsed more sharply than since the beginning of the statistics in 1992, in March by 8.3% and in April by 16.4%. Compared to the previous year, the decline in retail sales in April was 21.6%. In particular, revenues from furniture, electronics and clothing collapsed, the latter by 90%. Industrial production also recorded its strongest decline since 1946, at minus 5.4% m / m in March. April was followed by a further m / m decline of 11.2%, the biggest slump since the survey began in 1919. Auto production fell by 70 % a, mining was also affected. The crisis also affected the construction industry. After a decline in March, the number of housing starts fell by 30% in April 2020 compared to the previous month, and the number of permits fell by 20.8%. The US transportation and, in particular, aviation industries also posted sharp declines. US President Donald Trump announced a 50 to 60 billion dollar aid package for the country's aviation industry in March and promised to save the previously ailing aircraft manufacturer Boeing.

Due to the pandemic, well-known companies such as JC Penney or Hertz Autovermietung filed for bankruptcy.

The FED -President Jerome Powell announced on May 18 that he considered a 30 percent decline in the economy in the second quarter is possible. He also forecast an increase in the unemployment rate to 20 to 25%. However, the forecast for unemployment initially failed to materialize in view of an unforeseen decline in May.

activities

The United States launched an economic stimulus program worth two and a half trillion euros (2.9 trillion dollars).

United Kingdom

See also : UK COVID-19 Pandemic, Economic Impact

The following important information is missing from this article or section:

Situation in other countries

Help Wikipedia by researching and pasting it .

Individual evidence

1. ↑ Coined by the International Monetary Fund (IMF / IMF) : so z. B. Gita Gopinath: The Great Lockdown: Worst Economic Downturn Since the Great Depression. blogs.imf.org, April 14, 2020, accessed April 14, 2020 - The Great Depression is the Great Depression of the 1920s / 1930s .
2. ^ ^{A b} Martin Ganslmeier: Economic crisis: Altmaier hopes for a quick upswing. tagesschau.de, March 25, 2020, accessed on March 30, 2020 . 
3. ↑ James Griffiths, Steve George: Coronavirus outbreak: Latest news and live updates. CNN, January 24, 2020, accessed January 24, 2020 . 
4. ↑ Actions for pneumonia 2020. In: mcdonalds.com.cn. Retrieved January 24, 2020 . 
5. ↑ Coronavirus: Potsdam student admitted to the clinic - Here everything in the live ticker. Retrieved January 29, 2020 . 
6. ↑ Starbucks closes 2,000 China outlets due to virus. In: BBC News. January 29, 2020, accessed January 29, 2020 . 
7. ↑ Rob Davies: McDonald's shuts 300 restaurants in China as coronavirus spreads . In: The Guardian . January 29, 2020 ( online [accessed January 29, 2020]).
8. ↑ New Corona suspicion in Potsdam - Lufthansa cancels all China flights. In: FOCUS Online. Retrieved January 29, 2020 . 
9. ↑ FAZ: Apple closes China branches. Accessed February 1, 2020 . 
10. ↑ Thomas Schulz, Michael Kröger: This is how German companies react. In: Der Spiegel. Retrieved January 29, 2020 . 
11. ↑ Bpost: China's travel ban hits hard hotels . Notification of the Bangkok Post of 28 January 2020 www.bangkokpost.com (English).
12. ↑ Martin U. Müller, Claus Hecking, Simon Hage, Kristina Gnirke, Der Spiegel: The containers are stacked in China's ports. Retrieved February 22, 2020 . 
13. ↑ GSMA Statement on MWC Barcelona 2020 from John Hoffman, CEO GSMA Limited. In: mwcbarcelona.com. February 12, 2020, accessed February 12, 2020 . 
14. ↑ Coronavirus: Another fair cannot take place at persoenlich.com from February 17, 2020, accessed on February 19, 2020
15. ↑ Corona virus slows Beijing Motor Show from auto-motor-und-sport.de from February 17, 2020, accessed on February 18, 2020
16. ↑ Angelika Hardegger, Linda Koponen, Dorothee Vögeli: The federal government prohibits events with more than 1000 people - who is affected? In: nzz.ch, February 28, 2020, accessed on February 28, 2020.
17. ↑ ^{a b} Mischa Erhardt: Corona crash: How deep is the stock market? In: DW.de. March 17, 2020, accessed March 30, 2020 . 
18. ↑ tagesschau.de: Oil price plummets by more than 30 percent. Retrieved March 30, 2020 . 
19. ↑ Laura He, Clare Duffy and Julia Horowitz, CNN Business: US stocks halted after falling 7%. Global stocks plunge as oil crashes and coronavirus fear spreads. Retrieved March 30, 2020 . 
20. ↑ Dax and Dow conclude historically weak quarters , manager-magazin.de, accessed April 2, 2020
21. ↑ Oil price slips to crisis low , tagesschau.de, accessed April 2, 2020
22. ^ Oil price negative for the first time in history , welt.de, accessed April 20, 2020
23. ↑ ^{a b c d} Tim Bartz, DER SPIEGEL: Why the shareholders win in this crisis - DER SPIEGEL - Economy. Retrieved May 17, 2020 . 
24. ↑ Why the oil price is rising again , n-tv.de, May 21, 2020, accessed May 21, 2020
25. ↑ ^{a b c d e} Corona crisis: dubious providers cheat with protective masks - "Everyone tries to take advantage of the need in hospitals". March 29, 2020, accessed March 30, 2020 . 
26. ↑ ^{a b c} Historical increase - 3.3 million new unemployed in the US. Retrieved March 30, 2020 . 
27. ↑ Almost 10 million Americans apply for unemployment benefits within two weeks , tagesspiegel.de, accessed April 2, 2020
28. ↑ Corona pandemic: work in the home office is increasing significantly | Bitkom eV Accessed March 30, 2020 . 
29. ^ Süddeutsche Zeitung: Corona crisis. Textile companies recall orders worth billions. Retrieved March 30, 2020 . 
30. ↑ DER SPIEGEL: Corona crisis: fashion chains cancel orders in South Asia - DER SPIEGEL - Wirtschaft. Retrieved April 13, 2020 . 
31. ↑ Coronavirus: Mc Donalds is closing all branches, including the drive-in . In: blick.ch, March 21, 2020, accessed on March 22, 2020.
32. ↑ Emirates is suspending all passenger flights. Retrieved March 30, 2020 . 
33. ↑ DER SPIEGEL: Coronavirus: Global aviation is threatened with a drop in sales of 250 billion dollars - DER SPIEGEL - Economy. Retrieved March 30, 2020 . 
34. ↑ ^{a b} The 1000 kilometer disadvantage will be fatal to Airbus and Boeing , welt.de, accessed April 8, 2020
35. ↑ Recovery in 2021 with reservation: IMF expects global recession . In: FAZ.NET . ISSN  0174-4909 ( Online [accessed March 30, 2020]).
36. ^ Süddeutsche Zeitung: IMF: World economy will experience "severe" recession. Retrieved March 30, 2020 . 
37. ↑ World trade could collapse by up to a third , spiegel.de, accessed on April 10, 2020
38. ↑ IMF lowers forecasts like never before - global economy facing dramatic recession. In: dw.com. April 14, 2020, accessed April 25, 2020 . 
39. ^ "Biggest shock since the Great Depression" , manager-magazin.de
40. ↑ EU Commission: Recession in Europe is even stronger than feared , handelsblatt.com, July 7, 2020, accessed July 7, 2020
41. ↑ FMA boss Ettl: "Stop the fall of the economy", in Der Standard from April 3, 2020.
42. ↑ The recession brings the world to an even greater catastrophe , welt.de, accessed April 8, 2020
43. ↑ Fighting hunger suffers considerable setback from Corona , br.de, July 7, 2020, accessed July 7, 2020
44. ↑ "We are more likely to die of hunger than Corona" , rtl.de, July 7, 2020, accessed July 7, 2020
45. ↑ Marc Forster: V-curve? L curve? What the recession scenarios mean for the stock market . cash.ch. March 20, 2020
46. ↑ Economic historian: "We are only at the beginning of the crisis" , dw.com, accessed March 30, 2020
47. ↑ tagesschau.de: G20 hours developing countries debt. Retrieved June 29, 2020 . 
48. ↑ Anja Ettel, Holger Zschäpitz: EZB is bringing out a new bazooka in the fight against the virus. In: Welt.de. March 19, 2020, accessed April 3, 2020 . 
49. ↑ EU wants to mobilize 100 billion euros for short-time work. In: spiegel.de. April 2, 2020, accessed April 25, 2020 . 
50. ↑ What's in the EU's Corona package. In: n-tv.de. April 10, 2020, accessed April 25, 2020 . 
51. ↑ Fight against corona crisis: EU and member states have mobilized 3.4 trillion euros. In: Der Spiegel. April 20, 2020, accessed April 25, 2020 . 
52. ↑ Kurz und Co. want "Loans for Loans" , zdf.de, May 23, 2020, accessed August 25, 2020
53. ↑ Union is storming against corona bonds. In: n-tv.de. April 9, 2020, accessed April 25, 2020 . 
54. ↑ Merkel approves EU debts on a grand scale for the first time. Retrieved August 4, 2020 . 
55. ↑ Deutsche Welle (www.dw.com): Merkel and Macron pass the EU balls to each other | DW | 06/29/2020. Retrieved on August 4, 2020 (German). 
56. ↑ ^{a b} Deutsche Welle (www.dw.com): EU summit: Agreement on historic Corona package is available | DW | 07/21/2020. Retrieved on August 4, 2020 (German). 
57. ↑ Deutsche Welle (www.dw.com): EU Parliament stands across | DW | 07/23/2020. Retrieved on August 4, 2020 (German). 
58. ^ Ministry of Economic Affairs, Reboot and Reboost our economies for a sustainable future
59. ↑ https://www.heise.de/tp/features/Zurueck-in-die-fossile-Zukunft-4716984.html
60. ↑ https://www.tagesschau.de/ausland/timmermans-greendeal-101.html
61. ↑ That is how hard the corona virus hits the German economy. dihk.de, accessed on March 30, 2020 . 
62. ↑ Corona crisis: industrial production collapses. In: workshop + company. April 7, 2020, accessed April 10, 2020 . 
63. ↑ Ifo economic researchers expect a massive decline in industrial production due to the coronavirus pandemic. In: deutschlandfunk.de. April 7, 2020, accessed April 10, 2020 . 
64. ↑ ^{a b c d e f} Germany's economy plunges into recession , zeit.de, May 15, 2020, accessed May 21, 2020
65. ↑ German exports slumped by more than 30 percent in April , rnd.de, June 9, 2020, accessed June 15, 2020
66. ↑ ^{a b} Economy and public finances collapse , tagesschau.de, August 25, 2020, accessed August 25, 2020
67. ↑ Press release No. 323 of August 25, 2020 , destatis.de, accessed August 25, 2020
68. ↑ Heil: 470,000 companies have reported short-time work , faz.net, accessed April 2, 2020
69. ↑ 650,000 companies have registered short-time work , morgenpost.de, accessed on April 10, 2020
70. ^ Heil: Over 700,000 companies on short-time work , finanznachrichten.de
71. ↑ tagesschau.de: Federal Agency: So much short-time work as never before. Retrieved May 5, 2020 . 
72. ^ Henryk Hielscher: Wave of bankruptcies: the end of the automotive industry. In: wiwo.de. Retrieved March 30, 2020 . 
73. ↑ Car sales in Germany fall by more than a third , faz.net, accessed April 8, 2020
74. ↑ The dramatic slump in the car market in two graphics , manager-magazin.de, May 6, 2020, accessed June 15, 2020
75. ↑ New registrations still at a low level , autozeitung.de, June 5, 2020, accessed June 15, 2020
76. ↑ ^{a b} Car manufacturers threatened wave of layoffs , frankenpost.de, June 13, 2020, accessed June 15, 2020
77. ↑ Under pressure: Galeria Karstadt Kaufhof: Are the salaries safe? Retrieved March 30, 2020 . 
78. ↑ Coronavirus: Galeria Karstadt Kaufhof applies for state aid. Retrieved March 30, 2020 . 
79. ↑ Galeria Karstadt Kaufhof wants to close 80 branches "I assume that this is still the best-case scenario" Der Tagesspiegel.
80. ↑ ^{a b} trade: These companies refuse to pay shop rent to large real estate marketers and insurance funds in the corona crisis. Retrieved March 30, 2020 . 
81. ↑ Forced closure: Adidas, Deichmann, H&M no longer want to pay rents. Retrieved March 30, 2020 . 
82. ↑ Retail chains want to suspend rent payments. In: Capital.de. March 27, 2020, accessed March 30, 2020 . 
83. ↑ Galeria Karstadt Kaufhof stops rent payments , tagesschau.de, accessed on April 2, 2020.
84. ↑ H&M says nearly 70% of its stores are closed, is considering massive job cuts. March 24, 2020, accessed March 30, 2020 . 
85. ↑ Because of corona lockdown: fashion industry fears wave of bankruptcies . In: FAZ.NET . ISSN  0174-4909 ( Online [accessed March 30, 2020]).
86. ↑ Because of the pandemic: Trigema now manufactures face masks . In: FAZ.NET . ISSN  0174-4909 ( Online [accessed March 30, 2020]).
87. ↑ Toy industry in crisis despite Easter business , food magazine.net, accessed on April 8, 2020.
88. ↑ Michael Gassmann, Carsten Dierig: There is a risk of a pipeline effect with milk, sugar and flour. In: The world. March 13, 2020, accessed April 5, 2020 . 
89. ↑ Michael Kläsgen, Nils Wischmeyer: Online trade - The great fear of Amazon. Retrieved March 30, 2020 . 
90. ↑ Frank Specht: Consequences of the virus epidemic: Corona brings handcraft sales down by more than 50%. In: handelsblatt.de. March 26, 2020, accessed March 30, 2020 . 
91. ↑ ^{a b} Corona bankruptcies: Vapiano follows Maredo - Which ^other prominent companies are existentially threatened? Retrieved March 30, 2020 . 
92. ^ German brewers are threatened with bankruptcy. Retrieved March 30, 2020 . 
93. ↑ Coronavirus: Drastic consequences for the catering industry. Retrieved March 30, 2020 . 
94. ↑ Because of the corona crisis: Wholesale is suffering - because the large kitchens are tight. March 17, 2020, accessed March 30, 2020 . 
95. ↑ Hotel and restaurant association on the coronavirus - "Many cannot last two months". Retrieved March 30, 2020 . 
96. ↑ No major events until at least August 31st. In: sueddeutsche.de. April 15, 2020, accessed April 16, 2020 . 
97. ↑ Katja Beringer: Corona brings the traditional brewery in Werneck to its knees. In: www.mainpost.de/. Main Post, April 7, 2017, accessed April 20, 2020 . 
98. ↑ Corona crisis - Von der Leyen: Do not book summer vacation yet. In: zdf.de. April 12, 2020, accessed April 16, 2020 . 
99. ^ Association: 70,000 hotels and restaurants in risk of bankruptcy , rnd.de, April 19, 2020, accessed on April 25, 2020.
100. ↑ Survey: 60 percent of restaurants and hotels threatened with existence , rnd.de, August 11, 2020, accessed August 25, 2020
101. ↑ Katja Joho, Henryk Hielscher: Burger-Brater assume "several months of closure". In: wiwo.de. March 26, 2020, accessed March 30, 2020 . 
102. ↑ Fear of spring business: nurseries are switching to flower taxis. In: idowa.de. Retrieved March 30, 2020 . 
103. ↑ Melanie Russ: Marissa Holiday Park: Construction work and planning are on target despite the Corona crisis. Kreiszeitung.de, April 8, 2020, accessed on May 4, 2020 . 
104. ↑ Corona: Lower Saxony in phases back to life. ndr.de, May 4, 2020, accessed on May 4, 2020 . 
105. ↑ Annex to the article "Corona: Lower Saxony in phases back to life". (PDF) ndr.de, May 4, 2020, accessed on May 4, 2020 . 
106. ↑ Ronald Düker: Book Industry: Publishers on the Abyss . In: The time . March 26, 2020, ISSN  0044-2070 ( online [accessed March 30, 2020]).
107. ↑ Pen calls for bookshops to be opened , sueddeutsche.de, accessed April 2, 2020
108. ↑ EU politicians want media emergency funds due to corona pandemic , deutschlandfunk.de, accessed April 22, 2020
109. ↑ EU politicians want media emergency funds , horizont.net, accessed April 22, 2020
110. ↑ Event industry fears fatal consequences from Corona , wz.de, accessed March 27, 2020
111. ↑ Federal Government : Up to 28 billion euros failure in the cultural sector , sueddeutsche.de, accessed March 31, 2020.
112. ↑ Tim Bendzko gives test concerts: Saving culture and sport briefly: Corona test in Leipzig. In: zeit.de. August 22, 2020, accessed August 31, 2020 . 
113. ↑ Hope for showmen: amusement park instead of folk festival - thanks to the corona pandemic 2020, these markets look very different. Kreiszeitung.de, August 30, 2020, accessed on August 30, 2020 . 
114. ↑ Patrick Arens: Christmas markets in the Ruhr area 2020 despite the coronavirus: The current plans of the cities. August 28, 2020, accessed August 30, 2020 . 
115. ↑ Thomas Speckmann: Suggestion: Celebrate the shooting festival without a bar. August 28, 2020, accessed August 30, 2020 . 
116. ↑ Asparagus stinging in North Rhine-Westphalia: Thousands volunteer to harvest. In: n-tv.de. March 29, 2020, accessed March 30, 2020 . 
117. ↑ Agreement: Harvest workers have limited entry , br.de, accessed April 8, 2020
118. ↑ Tui receives 1.8 billion euros in government aid. In: n-tv.de. March 27, 2020, accessed March 30, 2020 . 
119. ↑ Lufthansa Group decides on first restructuring package. In: lufthansagroup.com. April 7, 2020, accessed April 7, 2020 . 
120. ↑ After 638 questions, Lufthansa is experiencing its historic moment , welt.de, June 25, 2020, accessed July 7, 2020
121. ^ ^{A b} Gerhard Hegmann: Corona crisis: Trump wants to save Boeing, Airbus calls for the airlines to be saved . In: THE WORLD . March 23, 2020 ( online [accessed March 30, 2020]).
122. ↑ Massive job cuts at Airbus: 6000 jobs in Germany affected - IG Metall sounds the alarm , merkur.de, July 1, 2020, accessed July 7, 2020
123. ↑ Coronavirus at Frankfurt Airport: For the time being, last Lufthansa scheduled flight landed. March 30, 2020, accessed March 30, 2020 . 
124. ↑ Air traffic in Frankfurt continues to decline sharply , faz.net, accessed April 2, 2020
125. ↑ 98 percent fewer passengers at airports , faz.net, accessed on April 12, 2020
126. ^ Thiemo Heeg: Deutsche Bahn: A quarter less traffic on the rails . In: FAZ.NET . ISSN  0174-4909 ( Online [accessed March 30, 2020]).
127. ↑ Survey on the bus industry: 90 percent of medium-sized companies in bus tourism and long-distance transport are acutely threatened with economic failure. In: Federal Association of German Bus Operators. March 27, 2020, accessed May 10, 2020 . 
128. ↑ Flixbus and Blablabus will cease operations until further notice. In: rbb24.de. March 17, 2020, accessed May 10, 2020 . 
129. ↑ Gas station tenants are demanding help from the oil companies. In: spiegel.de. March 31, 2020, accessed May 10, 2020 . 
130. ↑ Taxi companies are groaning under the corona crisis. In: NDR. April 1, 2020, accessed May 10, 2020 . 
131. ↑ Gerhard Hegmann: Germany's largest car rental company shows the force of the crisis. In: welt.de. March 16, 2020, accessed May 10, 2020 . 
132. ↑ Driving schools completely thwarted , schwaebische.de, accessed April 9, 2020
133. ^ "Even if someone asks, I wouldn't sell them a trip," Die Welt, accessed April 9, 2020
134. ↑ Corona crisis is also a problem for showmen , sueddeutsche.de, accessed April 2, 2020
135. ^ In the eye of the hurricane , sueddeutsche.de, accessed April 9, 2020
136. ↑ Travel industry fears collapse and mass unemployment , welt.de, accessed on May 10, 2020
137. ↑ 15 billion for public transport? Transport ministers call for help for local public transport - Tagesspiegel
138. ↑ Corona crisis: Is public transport in the KH district tipping over? - Public scoreboard
139. ↑ "The market is frozen for now". In: tagesschau.de. March 27, 2020, accessed April 2, 2020 . 
140. ↑ Construction industry resists the Corona crisis , n-tv.de, accessed April 2, 2020
141. ↑ ^{a b} USA reports the strongest slump in construction activity since 1959 , spiegel.de, May 19, 2020, accessed on May 21, 2020.
142. ↑ The municipalities are losing their income , deutschlandfunk.de, accessed April 2, 2020
143. ↑ The shards after the emergency braking , spiegel.de, May 14, 2020, accessed July 7, 2020
144. ^ Reserve parachute with holes , tagesschau.de, June 4, 2020, accessed July 7, 2020
145. ↑ This is how the fashion chains want to react to the relaxation , chip.de, accessed April 20, 2020
146. ↑ Spahn promotes pragmatism when it comes to relaxation. In: n-tv.de. April 25, 2020, accessed April 25, 2020 . 
147. ↑ NDR: Corona: DIY stores will open again from Saturday. In: ndr.de. April 1, 2020, accessed April 2, 2020 . 
148. ↑ Florian Rudoph: Split by the Corona crisis - Ulm and Neu-Ulm. swr.de, April 23, 2020, accessed on May 4, 2020 . 
149. ↑ Corona easing: car production starts cautiously. In: wdr.de. April 20, 2020, accessed April 25, 2020 . 
150. ↑ Cruise: Should the state save the industry? . "Panorama" broadcast. ARD. June 11, 2020, accessed June 16, 2020
151. ^ Franz Neumeier: Coronavirus: Overview of current cruise cancellations . cruisetricks.de. August 11, 2020, accessed on August 18, 2020
152. ↑ Corona: Hoeneß is hoping for 20 to 25,000 viewers in autumn . focus.de. August 2, 2020, accessed August 3, 2020
153. ↑ Melanie Gottschalk: Markus Söder rejects football with fans . August 3, 2020, accessed on August 3, 2020
154. ↑ Lower Saxony State Chancellery: New everyday life with the corona virus . June 4, 2020, accessed June 16, 2020
155. ↑ Federal Ministry of the Interior, Building and Home Affairs: Recommendations of the Robert Koch Institute (RKI) for the evaluation of major events. General principles of risk assessment and recommendations for action for major events . Retrieved August 3, 2020
156. ↑ Events by risk class. State government of Schleswig-Holstein, August 5, 2020, accessed on August 30, 2020 . 
157. ↑ Altmaier predicts the eight percent slump in Germany , welt.de, accessed April 2, 2020
158. ↑ Anja Ettel, Holger Zschäpitz: These three scenarios depict the economic modes for Germany. Retrieved March 30, 2020 . 
159. ↑ German economy with a clear dent , tagesschau.de, June 23, 2020, accessed July 7, 2020
160. ↑ The estimate of the top economists is already outdated , welt.de, accessed April 8, 2020
161. ↑ Correct economic mode, economic forecast downwards , zeit.de, June 5, 2020, accessed July 7, 2020
162. ↑ FOCUS Online: Deutsche Bank Chief Economist: Corona virus costs Germany 1,500,000,000,000 euros. Retrieved March 30, 2020 . 
163. ↑ Federal government plans billion dollar aid package for solo self-employed , rbb24.de, accessed on March 31, 2020
164. ↑ Cabinet decides on extensive aid package , n-tv.de, accessed on March 31, 2020
165. ↑ Corona stimulus packages in the USA and Germany: The differences. March 26, 2020, accessed March 30, 2020 . 
166. ↑ Federal Council adopts a comprehensive aid program. In: RP Online. March 27, 2020, accessed April 4, 2020 . 
167. ↑ Already more than 360,000 applications! Huge run on Corona emergency aid , www.bz-berlin.de, accessed March 30, 2020
168. ↑ Corona emergency aid: Entrepreneurs can now submit applications , www.ndr.de, accessed March 31, 2020
169. ↑ FDP boss Lindner calls for improvements to the Corona rescue package for the economy , handelsblatt.com, accessed on March 31, 2020
170. ↑ Faster Loans, Tougher Terms , tagesspiegel.de, accessed April 8, 2020
171. ↑ BMJV: Protection against dismissal for tenants and important deferrals of payment for consumers and small businesses , accessed on April 1, 2020
172. ↑ Merkel: Corona easing of the countries partly "too brisk" , frankenpost.de, accessed April 25, 2020
173. ↑ CDU Economic Council wants to overturn climate targets , ntv.de, April 11, 2020
174. ↑ admin: coalition committee decides economic stimulus package - Federal Ministry of Finance - issues. Retrieved June 8, 2020 . 
175. ↑ ^{a b} Fighting the consequences of corona, securing prosperity, strengthening future viability. In: bundesfinanzministerium.de. Retrieved June 8, 2020 . 
176. ^ ^{A b} Britta Sandberg, DER SPIEGEL: France's finance minister Le Maire on the corona crisis: "Three women saved this continent" - DER SPIEGEL - politics. Retrieved June 13, 2020 . 
177. ↑ ^{a b c d} Am Abgrund , sueddeutsche.de, June 11, 2020, accessed June 13, 2020
178. ↑ Japan deeper in recession , tagesschau.de, May 18, 2020, accessed May 21, 2020
179. ↑ chronology-of-the-coronavirus-the-gigantic-domino-game. Retrieved March 16, 2020 . 
180. ↑ Decree, measures against the confluence of large crowds according to Section 15 of the Epidemic Act. (PDF) Federal Ministry for Social Affairs, Health, Care and Consumer Protection, March 10, 2020, accessed on March 11, 2020 . 
181. ↑ 115,600 more unemployed - many short-time working applications. In: orf.at. March 23, 2020, accessed March 23, 2020 . 
182. ↑ Support measures (COVID-19 crisis management fund, social security, tax office, ...) , accessed on April 1, 2020
183. ↑ Coronavirus: package of measures to cushion the economic consequences. admin.ch , March 20, 2020, accessed on March 20, 2020 . 
184. ↑ Hansueli Schöchli: The Federal Council wants to support the economy with as many billions as it needs. Neue Zürcher Zeitung , March 20, 2020, accessed on March 20, 2020 . 
185. ↑ Sven Altermatt, Lucien Fluri: 42 billion Swiss francs are available: "We solve the problems - that's clear". Aargauer Zeitung , March 20, 2020, accessed on March 20, 2020 . 
186. ↑ Jorgos Brouzos, Markus Häfliger: Emergency loans for companies - you need to know that about the largest aid package in history. Tages-Anzeiger , March 26, 2020, accessed on March 26, 2020 . 
187. ↑ Daniel Imwinkelried: This is how a company can get a loan. Neue Zürcher Zeitung , March 25, 2020, accessed on March 25, 2020 . 
188. ↑ Coronavirus: The Federal Council passes emergency ordinance on the granting of loans with solidarity guarantees from the federal government. admin.ch , March 25, 2020, accessed on March 26, 2020 . 
189. ↑ Andy Müller: 20 billion more help - the generous finance minister. Neue Zürcher Zeitung , April 3, 2020, accessed on April 3, 2020 . 
190. ↑ Interest-free, free of charge, unbureaucratic Corona loans - Little Switzerland shows us how to really help companies in a crisis In: Focus from April 9, 2020
191. ↑ Corona crisis: drastic setback on the Swiss labor market In: Neue Zürcher Zeitung of April 7, 2020
192. ↑ Swiss economy with 25 percent production loss due to Corona In: nau.ch of April 11, 2020
193. ↑ Similar slump as the oil shock or economic depression? In: Neue Zürcher Zeitung from April 23, 2020
194. ↑ USA: Unemployment rate rises sharply. In: Handelsblatt. April 3, 2020, accessed April 4, 2020 . 
195. ↑ Jeff Cox, Weekly jobless claims total 2.981 million, bringing coronavirus tally to 36.5 million , CNBC of May 14, 2020.
196. ↑ US unemployment rate at its highest level , tagesschau.de, May 8, 2020
197. ↑ ^{a b} Is the US economy starting again? , n-tv.de , June 5, 2020, accessed on June 7, 2020.
198. ↑ Corona crisis in the USA: 22 million unemployed in four weeks. In: tagesschau.de . April 16, 2020, accessed April 19, 2020 . 
199. ↑ US retail has around 16 percent less sales , spiegel.de, accessed on May 21, 2020.
200. ↑ USA: Industrial production with steepest decline since 1946 , boerse-online.de, accessed on May 21, 2020.
201. ↑ Industry is collapsing in the US like never before , t-online.de, accessed on May 21, 2020.
202. ↑ US department store chain JC Penney files for bankruptcy Report of the daily newspaper Handelsblatt from May 16, 2020, accessed on May 17, 2020.
203. ↑ Result of the pandemic: Car rental company Hertz files for bankruptcy . In: FAZ.NET . May 23, 2020, ISSN  0174-4909 ( faz.net [accessed June 12, 2020]).
204. ^ Fed chief Jay Powell's grim assessment. Retrieved May 21, 2020 . 
205. ↑ Gold price: Speech by Fed Chairman Powell creates tension. Retrieved May 21, 2020 . 
206. ^ Federal Reserve Board - Recent Balance Sheet Trends. Retrieved May 5, 2020 .