Focus on Economic Surveys: German Economy Still in a very Difficult Situation, but First Glimmers of Hope

Although the ifo Business Climate Index recovered due to less negative business expectations, it rose only to a level that roughly corresponds to the low point of the economic and financial crisis in 2009. Companies’ responses to special questions on the effects of the coronavirus crisis on their current business situation were also very negative. The sectors that have been hit hardest continue to be the restaurant and hotel trade and the travel industry.