German economy to contract by 6.6% in 2020 - Ifo

German economic institute Ifo on Tuesday said it expected the economy to contract by 6.6% in 2020 year-on-year due to the coronavirus pandemic.

It said Europe's largest economy shrank by 1.9% in the first three months of 2020 and is expecting a 12.2% contraction in the second quarter.

A return to the pre-crisis level is expected for the end of 2021, Ifo said.