The IFO index is close to the minimum values of the previous crisis in 2008/2009 - then it fell to 80.0 (in March 2009). The assessment of the current situation was weaker, while expectations were already starting to improve.
- IFO business climate index collapses from 96 to 86.1 points in March
- Assessment of the current situation failed from 99 to 93
- Business expectations collapsed from 93.1 to 79.7
These figures were slightly worse than forecasts.
The current assessment of the situation is still quite high, and this shows that the economy is most likely far from the bottom point. The recession is likely to intensify in the coming months.