imageEconomic Indicators3 hours ago (Mar 25, 2020 05:20AM ET)

(C) Reuters. Containers are loaded on freight trains at the railroad shunting yard in Maschen near Hamburg

BERLIN (Reuters) – German business morale tumbled in March to its lowest level since 2009, a survey showed on Wednesday, suggesting that Europe’s largest economy is heading toward recession due to the impact of the coronavirus.

The Ifo institute said final results from its March survey showed that its business climate index slumped to 86.1 from 96.0 in February.

“This is the steepest fall ever recorded since German reunification and the lowest value since July 2009,” Ifo President Clemens Fuest said in a statement.

“The German economy is in shock,” Fuest added.

The institute had released preliminary results of its March survey last week.

German business morale slumps to lowest since 2009: Ifo

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