The German government forecast the largest Eurozone economy to contract in the range of 4% to 4.5% this year, the German newspaper Bild reported Tuesday.

Yesterday, the Commerzbank AG had downwardly revised its forecast for the German economy, citing the recent collapse of order intake. The bank now expects the German economy to shrink 6%-7% this year versus an earlier forecast of 3%-4% contraction.

Other research institutes RWI and IMK also forecast the German economy to contract this year.

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