Germany’s industry group DIHK said there is “no quick recovery in sight” for the economy. “Half of the companies expect a return to normality at the earliest next year. Only a third expect normalization this year,” says DIHK CEO Martin Wansleben said. “This shows that the way back for the economy will be long and hard.”

According to a survey, four out of fives companies expect sales to decline for the year as a whole. Companies are “very concerned that their business will not get going again quickly, even though the shutdown in Germany and other partner countries has been eased.” “The V is off the table,” feared Wansleben.

Full release here.

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