July 21, 2020 / 10:04 AM / 24 days ago

Germany: EU summit deal increases chances of economic recovery in second half

FILE PHOTO: German Economy Minister Peter Altmaier arrives for the weekly cabinet meeting in Berlin, Germany, July 15, 2020. Michael Kappeler/Pool via REUTERS

BERLIN (Reuters) - The likelihood of a gradual economy recovery taking place in the second half of 2020 has increased thanks to European Union leaders agreeing on a huge stimulus plan for their economies hit by coronavirus, German Economy Minister Peter Altmaier said.

Speaking to reporters on Tuesday, he said the deal was good news for millions of people in Germany and Europe, adding: “The chance that we’ll experience a cautious, slow recovery in the second half of the year, from around the end of October, has enormously increased.”

He predicted a sustainable recovery in 2021 and 2022, adding that he expected all European countries to return to growth in 2021.

EU leaders hope the 750 billion euro ($857.85 billion)recovery fund and its related 1.1 trillion euro 2021-2017 budget will help the continent weather its deepest recession since World War Two after the coronavirus outbreak shut down entire economies.

Reporting by Michelle Martin, editing by Thomas Escritt

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