The RKI records 14,714 new corona infections – more than ever before since the beginning of the pandemic. Minister of Finance Scholz still expects “significantly increasing numbers of infections”. Economists fear that the second wave will again hit the economy hard.
According to the Robert Koch Institute, the health authorities in Germany reported 14,714 new corona infections within one day on Saturday morning – more than ever before since the beginning of the corona pandemic in Germany. However, as there were occasional data gaps in the transmission of infection figures on Thursday, the latest number of new infections may include corresponding late reports. On Saturday morning there were also occasional discrepancies in the figures given. Meanwhile, the number of deaths associated with Covid 19 disease exceeded 10,000 on Saturday.
In view of the rapidly increasing number of new corona infections in Germany, economists are becoming increasingly concerned about the possible economic consequences of a second wave of the pandemic. “The economic upswing is likely to come to a virtual standstill by spring,” said the chief economist of the state-owned KfW banking group, Fritzi Köhler-Geib. “As a result, unemployment is also likely to stagnate in the coming months or – if things go badly – to increase significantly.
The Federal Minister of Economics, Peter Altmaier, called the infection situation “dramatic”, but once again warned against a shutdown of the economy. “There must not be a new nationwide lockdown, and I do not consider it necessary,” the CDU politician told the newspapers of the Funke media group. Finance Minister Olaf Scholz considers Germany to be financially well equipped. “The Corona pandemic is far from being conquered, and as expected, we are now seeing significantly rising infection figures in the fall,” the SPD politician told the “Augsburger Allgemeine” newspaper on Saturday. “The situation is serious, and we are taking it seriously.
“The economy is much less resilient today than it was in March and April”
From view of KfW chief economist Köhler Geib the employment risks remain high straight in customernear economic sectors. The autumn and winter months would once again be a test of endurance, especially for the hotel and restaurant industry and parts of the retail trade and the cultural industry. A view also shared by Marc Schattenberg, economist at Deutsche Bank: “The situation is straining, especially for the service sector.
Schattenberg said that there are downward risks for the fourth quarter, which could also extend into the new year. At the Allianz Group, too, it was said that downward risks outweighed downward risks. Unfortunately, things are likely to become more uncomfortable for the German economy from autumn onwards, said Allianz expert Katharina Utermöhl. The end of the supporting catch-up effects will make it unmistakably clear that the current economic recovery is not a foregone conclusion.
The President of the German Institute for Economic Research (DIW), Marcel Fratzscher, fears that the risks of a second wave are underestimated. He said that it was urgently necessary to make citizens aware of the seriousness of the situation and to make them much more cautious. “A strong and sustained increase in infections could hit the economy just as hard as the first wave,” Fratzscher told the “Augsburger Allgemeine” newspaper: “The economy is much less resilient today than it was in March and April.