German investor confidence suffered a record drop in March due to the war in Ukraine and economic sanctions against Russia, a survey showed on Tuesday, as collapsing expectations made a recession in Europe’s largest economy “more and more likely” .
Economic research institute ZEW said its economic sentiment index plunged to -39.3 points from 54.3 in February. The drop was the biggest since the survey began in December 1991. A Reuters poll put a reading of 10.0 for March.
“A recession is becoming more and more likely. The war in Ukraine and the sanctions against Russia are significantly affecting the economic landscape for Germany“, said ZEW President Achim Wambach in a statement.
The current conditions sub-index fell to -21.4 from -8.1, against an expected reading of -22.5.
Source: CNN Brasil
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