Issue link: https://maltatoday.uberflip.com/i/1225926
26.03.2020 8 NEWS Italy shuts down more industries, but critics say it's not enough Prince Charles tests positive for coronavirus German economy could shrink by as much as 20% this year - Ifo Institute GERMAN business morale tum- bled in March to its lowest level since 2009, a survey showed today, with an Ifo institute economist say- ing Europe's largest economy could contract by as much as 20% this year due to the impact of the coronavirus. e Ifo institute said final results from its March survey showed that its business climate index slumped to 86.1 from 96 in February. "is is the steepest fall recorded since German reunification and the lowest value since July 2009," Ifo President Clemens Fuest said in a statement. "e German economy is in shock," Fuest said, adding that busi- ness expectations in particular had darkened as never before while companies' assessment of their cur- rent situation also worsened sharply. In the service sector, the business climate indicator posted its steepest drop since the data was first collect- ed in 2005, Ifo said. In manufacturing, the index fell to its lowest level since August 2009, with the sub-index for expectations posting the steepest drop in 70 years of industry surveys, Ifo said. Ifo economist Klaus Wohlrabe said that the German economy could contract by between 5% and 20% this year depending on the length of the shutdown caused by the pandemic. He said he expected there to be a severe recession in Europe's largest economy that would last for at least two quarters. Germany's government expects gross domestic product to shrink by roughly 5% this year due to the out- break. The Ifo institute said final results from its March survey showed that its business climate index slumped to 86.1 from 96 in February AS the coronavirus continues to spread in Italy, many of the coun- try's industries are being shut down. e businesses that are the lat- est to be impacted include car and clothing manufacturers, rental ser- vices, real estate construction and tourism companies. "We are slowing down the coun- try's engine," President Giuseppe Conte said in a Facebook message on Saturday night. "It's a hard decision, but it pre- pares us to face the most acute phase of the infection." Italy, the European epicentre of the pandemic, is the world's most affected country at the moment, in terms of deaths and a rising num- ber of infections. Conte's decree was signed on Sunday, one day after Italy posted a world record coronavirus death toll - with 793 people dying in 24 hours. On Tuesday, the death toll leapt by 743 to 6,820. e shutdown began on Tuesday and will remain in place until April 3, but companies have been given until Wednesday to adopt the di- rective. If they fail to do so, authorities will forcibly close their activities for 30 days. Critics have said the list of 80 sec- tors that are exempt is too long. It includes supermarkets; grocery shops; companies associated with the production and distribution of drugs and medical devices; banks; insurance firms; post offices; news- agents; IT repair; tobacco shops; energy and gas companies; waste collection and processing; plastics, paper, aluminium and chemicals producers; oil refineries; civil en- gineering; machine production; professional consultancies; wood packaging; house cleaning and call centres. Essential public services such as transport will continue. Italy is in the middle of a nationwide lockdown to control the spread of coronavirus ENGLAND'S Prince Charles has tested positive for coronavirus. Clarence House confirmed that the 71-year-old heir to the throne was diagnosed with the COV- ID-19 disease in a statement released this morning. e royal displayed "mild symptoms" on Sunday and was then tested on Monday, with the results coming through late on Tuesday night, the state- ment said. Charles "otherwise remains in good health" and has been self-isolating in Scotland with the Duch- ess of Cornwall, who has tested negative for coro- navirus. "e Prince of Wales has tested positive for coro- navirus," the statement said. "He has been displaying mild symptoms but other- wise remains in good health and has been working from home throughout the last few days as usual." Following Prince Charles' diagnosis, Buckingham Palace said: "Her Majesty e Queen remains in good health."