German unemployment to rise beyond 3 mln in 2020 -IAB

German unemployment is set to rise by around 520,000 and exceed 3 million this year, the IAB labor market research institute said on Friday, as the coronavirus pandemic puts a 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.