German economy may shrink by 10% in 2020 due to coronavirus: Economists

The industrial sector would be hit harder with an 18% decline, the German Economic Institute pointed out.

The German economy could shrink by 10% this year due to coronavirus in a worst case scenario whereby the lockdown continues until the end of June, the German Economic Institute (IW) predicted on Thursday.

"The industrial sector would be hit harder with an 18% decline. In this case, the crisis could continue until the end of the year," IW said.

German parliament passes 1.1 trn euro virus rescue package

Germany's parliament voted through Wednesday a package of measures worth almost 1.1 trillion euros ($1.2 trillion) to shield Europe's largest economy from the impact of the coronavirus pandemic.

Scattered sparsely throughout the chamber to limit