Studies show that Germany might blunder recession

2023-05-21 07:24:33

(MENAFN) Bloomberg stated on Tuesday that investor confidence in Germany has collapsed for a third continuous month as growth forecasts worsen, feeding fears of recession in the European Union`s biggest economy.

The outlet stated that the economic sentiment index assessed by the ZEW economic studies agency decreased to -10.7 in this month from 4.1 last month, showing the first sub-zero reading in 2023. An index of present situation also declines.

The figures target a deeper-than-expected output fall governing most industries in Germany. Fresh orders for producing corporations decreased by 10.7 percent monthly in March, the worst drop since April 2020.

ZEW President Achim Wambach noted in a declaration, “the financial market experts anticipate a worsening of the already unfavorable economic situation in the next six months,” he also said that “as a result, the German economy could slip into a recession, albeit a mild one.”

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