The German economic downturn will bottom out over the summer, but any improvement will be delayed until next year, according to research institute Ifo.
Having cut its yearly growth expectations from 2.1% to 1.2% last month, the think-tank warned that things could be even worse, forecasting growth in the range of 1% to 1.5%.
“We expect that the German and eurozone economies will stabilise over the course of this year,” said Ifo’s chief economist Willi Leibfritz. “An upturn in the global economy should boost exports, while the weak euro will also contribute.”
News source: BBC Online Business News (UK)