Germany’s economy, the fourth largest in the world, is supposed to carry it through the Eurozone disaster. That is what the Germans thought. But the confidence has become a fascade.
According to the ZEW Indicator of Economic Sentiment, the figure for Germany dropped by 17.1 points in June 2010. The indicator now stands at 28.7 points after 45.8 points in the previous month. This value is slightly above the indicator’s historical average of 27.4 points.“Thus, the financial market experts expect the German economic recovery that can be observed in the second quarter 2010 to weaken towards the end of this year. Despite the decrease of the economic expectations, the economic outlook still remains positive. Nevertheless, the economic sentiment is weakened by the uncertainty about the future developments of the debt crisis and the perspective of necessary cuts in public expenditure in EU-member countries.”
In other words, the pessimism about the economy has spread throughout Europe.
Douglas A. McIntyre
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