Germany's five leading research institutes publish their latest fall report
The report notes that the German economy is to shrink by 5.4% this year, more than the previous forecast in the spring for a 4.2% drop. Adding that the economy should grow by 4.7% next year, but also revised lower from the previous forecast of 5.8%.
They note that while the economy will do slightly better than government forecasts, fears over the virus situation will dampen the mood and the "catch-up" process remains an extremely challenging one as the economy tries to return back to normal.
The five institutes that contribute to the report are the DIW, IWH, Ifo, IfW and RWI.
