German companies expect their operations to normalize in around 11 months on average after the chaos caused by the coronavirus pandemic, as shown by a survey carried out by the IFO economics institute.
Companies in the service sector expect their recovery to take 11.7 months, whereas those in construction project that it will take 11.1 months. In the retail sector, the projection is 10.3 months, and in the industry it's 10.1 months, as shown by the IFO survey, the Index portal reports.
The pandemic has hit travel agencies and hotels especially hard. They expect their operations to normalize in 14.6 and 16 months respectively, and the longest recovery period is expected in the sector of art and entertainment, nearly 18 months.
On the other end of scale is the sector of security services, which should recover by the end of the year.
– Many companies still have a long road to recovery ahead of them. After all the public restrictions are lifted, they will still have to deal with their consequences – says IFO researcher Klaus Wohlrabe.