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Many are preparing for years of corona crisis

VMany Germans expect the Corona economic crisis to last for several years. In a survey by Deutsche Bank presented on Friday, 44 percent of respondents said that they believe the crisis will continue for another three to five years; 13 percent fear even more than six years of crisis. Hardly anyone is anticipating an end in the next few months.

The prospects for the economic situation in two years’ time are also bleak; 59 percent expect the global economy to deteriorate, 51 percent for Europe and 39 percent for Germany.

There are winners too

At the time of the survey at the end of September, a good quarter of the 3,200 respondents said that their household income had fallen due to Corona. Participants with a monthly income of less than 1500 euros were more affected than those with higher incomes. One in two of the low-wage earners stated that investing money was out of the question for them at the moment because they were living at the subsistence level.

For their own economic situation in two years, a quarter expect a worsening, slightly more than half expect no change and 22 percent an improvement.

A particularly large number of crisis winners live in Hesse, Hamburg, Rhineland-Palatinate and Baden-W├╝rttemberg. About one in ten stated that the crisis had opened up new opportunities for them and that they were doing better than before. Most of the losers in the crisis live in Berlin, Bremen and Brandenburg. A good 20 percent said that they felt badly affected by the crisis.

Stefan Schneider, the bank’s chief economist responsible for Germany, sees the very different effects of the crisis on citizens as a particular political challenge. The bank describes the results as representative.

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