Germany's March Ifo Business Climate Index at 87.7... Plummets Amid COVID-19 Fears

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Jin-gyu Lee] The Ifo Business Climate Index, which indicates the economic confidence of German companies in March, dropped sharply compared to the previous month.

Germany's Ifo Institute for Economic Research announced on the 19th (local time) that the Ifo Business Climate Index decreased from 96 points in February to 87.7 points in March.

This is the largest decline since 1991 due to fears of the spread of the novel coronavirus infection (COVID-19).

The current situation assessment index fell from 98.9 points in February to 93.8 points in March, and the expectations index also dropped from 93.4 points in February to 82.0 points. The Ifo Institute stated, "The recession of the German economy is accelerating."

The index is based on a survey of about 9,000 companies in manufacturing, services, trade, and construction sectors.

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