German IFO cuts 2019 growth forecast to 0.5% from 0.6%

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Sees German economy in recession in Q3 with 0.1% contraction.

Cut 2020 GDP forecast to 1.2% from 1.7%.

Sees 2021 GDP at 1.4%.

German industry’s weakness spreading to other sectors.

Forecast assumes there is no disorderly Brexit, no escalation of trade war.

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