On Monday, Bloomberg reported that a new study from the Association of German Chambers of Industry and Commerce (DIHK) shows that the German business community is not optimistic about the prospects for growth in the German economy.

Following two quarters of zero growth, survey respondents from 21,000 companies which took part in the survey said they found few signs of improvement in the German economic environment.

Despite how well the German business community has weathered the past months of soaring energy prices and rising interest rates, DIHK CEO Ilja Nothnagel said in a statement, “The outlook for the next 12 months remains murky — especially since incoming orders are noticeably decreasing on the demand side.”

This year, researchers at the DIHK have held to a prediction of zero growth in Germany this year. Although their outlook is not as optimistic as the 0.2% expansion expected by the European Commission, it matches the outlook currently issued by the International Monetary Fund.

Last week, the IMF issued a report predicting that the growth in German GDP will “stay near zero in 2023, before gradually strengthening to 1%-2% during 2024-26 as the lagged effects of monetary tightening gradually dissipate and the economy adjusts to the energy shock.”

Economists predict that German production will hold steady, rather than re-enter a growth phase, dampening hopes for a quick recovery and economic resurgence.

The DHIK survey notes that the soaring prices of energy and raw materials will prove the biggest threat facing German businesses, although the lack of qualified employees was noted as another structural issue facing companies in the future.