According to Reuters, Germany’s leading economic institutes downgraded their growth forecasts for this year and next, in response to weaker global manufacturing slowdown amid a trade war.

• Now expect the German economy to grow by 0.5% this year and 1.1% in 2020. This compared with their April estimates of 0.8% and 1.8% respectively.

• An economic crisis with a pronounced underutilization of the German economy is ... not in sight, although the cyclical downside risks are currently high.

• For 2021, the institutes predict a mild recovery with an economic expansion of 1.4%.