The DIHK Chambers of Industry and Commerce of Germany said on Wednesday export figures to shrink next year for the first time since the last global financial crisis over ten years ago. The ongoing trade strife between countries and Brexit uncertainty remain suspects to lash out the largest economy in Europe.
“For our economy, with its strong industrial core, this is a huge challenge,” DIHK President Eric Schweitzer said.
DIHK also said it expects the annual growth of Germany to slow to 0.3% this year from 2.1% last year. It also added that exports are likely to plummet by 0.5% in 2020.
“Since the financial crisis of 2008/2009, the DHK has not received such pessimistic replies from the companies,” Schweitzer said. He emphasized that the average export growth rate of the country was usually around 5.5%.
The DIHK cut its 2019 gross domestic product (GDP) growth prediction for the economy to 0.4% from the previous 0.6% forecast.