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Ifo said the German economy will be driven by private consumer spending over the next few years, which it predicted will increase by 1.4 per cent in 2019.
The ifo Business Climate Index slipped to 97.9 points in May from 99.2 in April, with service sector confidence worsening in particular.
According to the state Police Public Relations Officer, DSP Abimbola Oyeyemi, the women were driving a car belonging to one of them from Ifo going to Sango Ota, but on getting to Iyana-Ilogbo area, the two suspects suddenly blocked the car with their motorcycle and held them at gunpoint.
"The threat of protectionism is dampening the mood in the German economy," Ifo President Clemens Fuest said in a statement.
Economic output in the single currency bloc is forecast to expand an annual 2.5 per cent in January to March and 2.3 per cent in April to July after growing in the fourth quarter of 2017 an annual 2.5 per cent and a quarterly 0.6 per cent, the Munich-based ifo said in a joint statement with the Rome-based ISTAT and the Zurich-based KOF emailed on Wednesday.
Assessments of the current business situation were scaled back slightly, but remained very good, the Ifo report said, adding that "business expectations, by contrast, clouded over significantly as the year started with an unpleasant surprise for the German economy," according to Dr Hans-Werner Sinn, President of the Ifo Institute.
"Indeed, had the procedure been different and the IFO had been the designated tribunal for determining the outcome then the IFO is confident that it would have found in the supporters' favour."
President of Ifo, Hans-Werner Sinn said that the organisation's report found that "expectations for the next six months hit their lowest level since December 2012".
"Competing with the seniors, Dargan and Ifo and Dior (Mathis), they push me every day in the weight room.
"The German economy moved up a gear," said Ifo economist Kai Carstensen.
"The German economy is continuing to falter," said Ifo president Hans-Werner Sinn.
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- IFO Business Climate Index
- IFOAM Accreditation Criteria