Germany’s business confidence hits five-year low

Ifo economist says the trade conflict between the US and China is the main source of uncertainty for German businessesBerlin — German business morale fell to its lowest level since November 2014 in June, a survey showed on Monday, adding weight to expectations that Europe’s largest economy contracted in the second quarter.

After nine successive years of growth, the German economy is struggling as trade disputes and a cooling world economy hurt its export-dependent manufacturers and as Britain’s delayed exit from the EU creates uncertainties. That suggested the slump in the headline reading to levels not seen since the eurozone debt crisis was driven by concerns that trade conflicts between the US and both China and the EU could worsen and further dampen exports.

Higher government spending has also helped support growth but critics of Chancellor Angela Merkel’s right-left coalition say it could borrow money to add more impetus. Business lobby groups have urged Merkel to cut corporate taxes and some economists accuse her of being complacent about the economy.

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