German companies expect business back to normal in 11 months

Source: Xinhua | 2020-08-14

German companies expected that it would take 11 months on average before their business situation could return to normal, according to a survey published by the ifo Institute on Thursday.

The arts and entertainment sector in Germany was "hit particularly hard" by the coronavirus pandemic and return to normal business was expected only after 17.5 months, according to the ifo business survey for July among 9,000 German companies.

"The road to normalcy is still very long for many companies," said ifo researcher Klaus Wohlrabe. "Even once all public restrictions are lifted, companies will still have to deal with their consequences."

In the manufacturing industry, textile manufacturers were "particularly pessimistic," the ifo Institute noted. Companies expected a return to normal business in 14.5 months.

Manufacturers of machinery and equipment anticipated a duration of 12 months to return to normal business. In contrast, manufacturers of pharmaceutical products and computers predicted only 7.8 and 6.8 months respectively.