The mood in the executive floors of German companies is worse than it has been since the beginning of the Corona crisis. The Ifo business climate index fell from 88.6 to 84.3 points in September, its lowest level since May 2020, as the Munich Ifo Institute announced in its survey of around 9,000 executives. Economists had only expected a drop to 87.0 points. “The German economy is slipping into recession,” said Ifo President Clemens Fuest. The industrialized nations organization OECD is also pessimistic and expects the German economy to shrink in 2023. The industry is looking to the next six months with great concern, said Ifo boss Fuest. “Expectations were last so pessimistic in April 2020.”
Survey – pessimism among bosses – economy
