Reuters reports that according to a leaked advisory council report, the German economy will likely contract by 5.1% this year due to the COVID-19 pandemic.

German daily Sueddeutsche Zeitung reported on Tuesday the experts, who advise the German government on economic policy, said in their annual report the government had acted swiftly and decisively in the crisis.

They see the German gross domestic product increasing by 3.7% next year, the paper added.