Deutsche Bank: German economic recovery will be later and weaker than expected

Vincent Stamer, economist at Deutsche Bank, said that the Eurozone PMI survey data has hit hope for a rapid recovery of the Eurozone economy. He said that although the composite index fell from 50.9 in June to 50.1 in July, it is still within the expansion range, but the sustained rise trend since last year has temporarily ended. Stamer said that the decline in Germany is particularly evident, indicating that the country has not yet adapted to high interest rates and global economic recovery. He said: “This does not mean that there will be no recovery at all, but the recovery will be later than expected and may be weaker than generally expected.”