Germany’s export industry is in free-fall with forecasters predicting figures to plunge to the lowest rate ever recorded amid the current coronavirus pandemic. Despite being one of the strongest in the world, Germany’s economy has been hit hard by the COVID-19 outbreak. Although Germany’s death toll has not reached the levels experienced in Italy and Spain, the Institute for Economic Research (IFO) lowered the export market expectations from -19 to -50 in April. The number is now at the lowest value ever measured.
The IFO said: “The coronavirus crisis is striking the German economy with full fury.
“Demand for industrial products has collapsed.
“Companies have never been so pessimistic about the coming months.”
The institute also revealed last week the business climate index of firms from across the economy dropped to 74.3 in April.
This represents two horrific drops in the country’s business climate index over the last two months.
In February, the index stood at 96 before it dropped to 85.9 in March as the virus began to take hold of Europe’s largest economy.
Due to the lockdown across the country, the Institute for Employment Research (IAB) said unemployment in the country is set to rise by 520,000 and will exceed three million this year.
The country’s stock market, the Dax performance Index is still recovering from a monumental fall in February.
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