The German state of Bavaria has declared a state of emergency as the country’s economics ministry issued a stark warning.
Markus Soeder, premier of the southern state bordering Switzerland and Austria, said on Monday in Munich that “the situation is very serious and changing every day, unfortunately not for the better.”
Meanwhile, in a statement released Monday, the German Ministry for Economics said that the coronavirus outbreak was affecting the country’s economy.
“How strong and for how long cannot yet be reliably assessed because no meaningful economic data are available yet,” read the statement.
“It is also still too uncertain how fast and how much the coronavirus will spread. Due to the very dynamic development, however, relevant economic effects must be expected.
“The German economy was in the process of overcoming the phase of weakness which had persisted since the beginning of 2018, related to the global industrial recession and the trade conflicts … This is no longer expected.”
Source: CNN News