Germany “on cusp of recession”: July ifo survey

25 July 2022

 

Summary: ifo business climate index down again in July, well below expected figure; current conditions index, expectations index both down; Germany “on cusp of recession”; improvement difficult to see given elevated energy prices, further reductions in energy supply; expectations index implies euro-zone GDP contraction of 7.2% in year to October 2022. Following a recession in 2009/2010, the ifo Institute’s Business Climate Index largely ignored the European debt-crisis of 2010-2012, mostly...

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