German Business Confidence Plummeted by the Coronavirus Crisis
The confidence of German entrepreneurs in the economy has plummeted even more than previously assumed, under pressure from the corona crisis in March.
The leading research institute Ifo reported this based on a definitive figure.
Ifo’s confidence index reached a final level of 86.1 against 96 in February. A preliminary estimate last week reported a level of 87.7.
That was the most substantial drop since 1991.
The Ifo index is one of the essential economic barometers in Germany, along with the benchmark of the ZEW research institute for the confidence of investors and analysts in the economy.
This ZEW index showed the most substantial decline ever recorded for March due to the virus outbreak.