The Chambers of Industry and Commerce slashes its exports forecast for the German economy this year
The association now says that it expects exports to nearly stagnate as a slowing world economy and escalating trade conflicts hurt foreign sales. Noting that:
"Rising protectionism and a noticeably weakening global economy are burdening Germany's export-reliant economy. The US-China trade dispute and tenacious struggle for Brexit are unsettling investors worldwide and clouding the prospects for German producers of capital goods in particular."
Adding that there was hardly any hope for meager export growth this year. For some context, the association had forecast export growth in 2019 for 1.2% back in May.
All this does is continue to feed into the pessimistic outlook surrounding the German economy as we navigate through 2H 2019.
