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German Unemployment to Rise Beyond 3 Million in 2020: IAB

FRANKFURT (Reuters) - German unemployment is set to rise by around 520,000 and exceed 3 million this year, the IAB labour market research institute said on Friday, as the coronavirus pandemic puts strain on the economy and more people out of work.

In a research paper published on Friday, the institute said it expected Germany’s economic output to shrink by 8.4% in 2020 as a result of the epidemic, making it the worst recession since World War 2.

Real gross domestic product(GDP) fell by 14.6% in the second quarter, IAB said.

Reporting by Edward Taylor; Editing by Michelle Martin

Source: Reuters

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