Germany's leading economic research institutes have sharply downgraded their forecasts for Europe's largest economy.
The unemployment rate will rise to 5.1 percent in 2020 from 5.0% in 2019 and is then expected to fall again to 4.9% in 2021, the institutes now project.
Germany is expected to retain a budget surplus this year of around 50 billion euros , but researchers anticipate that this will dissipate by 2021 to around 4 billion euros .Manufacturing PMIs in Germany are at their lowest since the aftermath of the global financial crisis, with the spillovers of external demand slowdown and an associated decline in business investment evident across Europe.
The global picture is also reflecting an increasingly grim reality, with the Institute for Supply Management revealing on Tuesday that U.S. manufacturing activity contracted in September to its lowest in over a decade.
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