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“The longer the shutdown lasts, the more companies will be constrained and the more will be forced to declare bankruptcy,” said Marcel Fratzscher, president of the DIW (Deutschen Instituts für Wirtschaftsforschung) in Berlin in an interview with Augsburger Allgemeine. In his opinion, the second short circuit will have more serious consequences than expected. “The question is not whether there will be a wave of bankruptcies, but when,” he said. Adding that bankruptcies will also increase unemployment.
According to him, “the labor market situation is worse than the statistics show.” Last year, about 600,000 employees who paid social security contributions lost their jobs. In addition, there are around 850,000 mini-jobs who cannot claim unemployment benefits or part-time work benefits. The two and a half million freelancers also suffered heavy losses.
Top image: The Brandenburg Gate illuminated at the New Year’s Eve show rehearsal in Berlin on December 31, 2020. Due to the coronavirus epidemic, the event will be held live on television this year with no spectators. Source: MTI / EPA / Clemens Bilan
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