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A woman wearing a protective mask walks past the skyline of the financial district at sunset as the coronavirus disease (Covid-19) continues to spread in Frankfurt, Germany, Oct. 26, 2020.
BERLIN, Sept 26 (Reuters) – The German economy is headed for recession, the Ifo institute said on Monday, reporting a drop in business morale not seen since the early stages of the COVID-19 pandemic.
The Ifo Institute’s business climate index fell to 84.3, a sharper decline than economists’ forecast of 87.0, according to a Reuters poll.
The August reading was revised up slightly to 88.6 from 88.5.
The business climate index hit its lowest level in September since May 2020, ifo said.
The decline was seen in all four sectors of the German economy, according to the institute, with pessimism rising sharply in the coming months.
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Reported by Rachel Moore and Miranda Murray
Our Standards: The Thomson Reuters Trust Principles.
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