According to Germany’s powerful BDI industry association, German economic growth is seen at 0.5% in 2020 while calendar-adjusted is projected at 0.1%.
German industry is stuck in recession and that there are no signs for bottoming out in the sector, the German body added.
Meanwhile, BDI’s President Kempf called on the German government to implement a massive investment programme in infrastructure over the next 10 years to boost GDP growth.
Kempf said the German government must cut corporate taxes to push down overall burden to below 25% from 31% currently.
The poor German projections fail to hurt the EUR bulls, as EUR/USD trades better bid just ahead of the 1.1150 level, having hit a low of 1.1145.