German investor confidence falls to 2-year low amid economic uncertainty
Date
8/14/2024 8:44:09 AM
(MENAFN) Investor sentiment in Germany experienced a sharp decline in August, marking the most significant drop in two years, according to the ZEW Institute for Economic Research. The institute reported that its economic sentiment index plummeted to 19.2 points, down from 41.8 points in July. This decline was more pronounced than analysts' expectations, who had forecasted a score of 32 points.
Achim Wambach, the head of the ZEW Institute, attributed the drastic downturn to a deteriorating outlook for the German economy. The current economic environment is fraught with uncertainties stemming from unpredictable monetary policies, disappointing business data from the U.S., and escalating conflicts in the Middle East. These factors have contributed to a gloomy economic forecast among investors.
In addition to the sentiment index, Germany's current economic situation index also saw a decline, falling to -77.3 points from -68.9 points the previous month. This further underscores the growing concerns and challenges facing the German economy amid a backdrop of global uncertainties.
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