German Economic Institute calculates damage from COVID pandemic

The coronavirus crisis has cost the German economy 300 billion euros, Cologne Institute for Economic Research said, Report informs with reference to Die Welt.

According to the head of the institute, Michael Hüther, it will take years to compensate for the losses.

"Vaccination pace is growing, and this is an important signal for the economy. But we should not be under the illusion that the crisis will no longer leave any traces., The economy would have grown significantly without the coronavirus,” he noted.