Frankfurt (dpa) – German economists’ forecasts have taken their hardest-ever hit since the ZEW research institute began conducting its closely-watched surveys.
The ZEW economic indicator for March plunged by 58.2 points on the previous month to minus 49.5 points, the Mannheim-based group said, marking the indicator’s farthest fall since it was launched in late 1991.
A drop into negative territory shows an overwhelmingly negative outlook among analysts.
Observers had been expecting a fall to minus 30 points, as the coronavirus pandemic grips global economies.
Experts expect Germany’s economy to shrink in real terms in the first quarter of 2020 and consider a continuing decline into the second quarter to be “very likely.”