German consumer confidence has hit its lowest level since the last global economic crisis, a key survey found Thursday, as Europe's top economy braces for the impact of COVID-19.
The GfK institute's forward-looking monthly barometer plunged to 2.7 points as April approaches, down from 8.3 points for March, the pollsters said in a statement. It is the survey's lowest reading since May 2009.
"The sharp rise in infections in Germany and the associated measures and restrictions have caused the consumer climate to collapse," GfK said. The survey of some 2,000 people found that respondents were especially pessimistic about Germany's economic growth prospects, as efforts to stem the outbreak force shops, restaurants and other businesses to close, while the export-driven nation's global supply chains are in disarray.
The government said this week it expects the country's economy to shrink by at least five percent in 2020, while MPs on Wednesday voted through a 1.1-trillion-euro ($1.2 trillion) rescue package to cushion the impact.
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