(Bloomberg) --

Germany’s economy will shrink by 5% this year due to the impact of the coronavirus pandemic, Bild am Sonntag said, citing calculations taken from the government’s supplemental budget.

Finance Minister Olaf Scholz plans to lift spending by an extra 156 billion euros ($167 billion) to counter the effects of the pandemic, and paying back the extra debt will take 20 years, the newspaper said.

The government is now expecting to take in 33.5 billion euros less in taxes and other income this year than initially forecast, the newspaper said. The government will also have to pay for an estimated 2.15 million workers doing shortened work hours, translating into about 10 billion euros in extra spending.

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