German business morale slumps to lowest since 2009

German business morale plummeted in March to its lowest level since 2009, a preliminary survey showed on Monday, suggesting that Europe's largest economy is falling into recession due to the impact of the coronavirus.

The Ifo institute said preliminary results from its March survey showed its business climate index slumped to 87.7 from 96.0 in February.

"This is the biggest drop since 1991 and the lowest value since August 2009," Ifo President Clemens Fuest said in a statement. "Germany is falling into recession." (Writing by Paul Carrel Editing by Michael Nienaber)