Economic Briefing/Economic Insights

To-the-point economic analysis by Commerzbank's research team

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23 February 2024

Ifo – still no recovery

The Ifo business climate index, which barely rose from 85.2 to 85.5, shows that the mood in German boardrooms remains depressed. Unfortunately, there are still no signs of an upturn in Germany, even though manufacturing sentiment in many other countries has recovered somewhat in recent months. Obviously, companies in Germany are suffering massively from many structural burdens such as red tape, lengthy approval procedures, high energy prices and taxes, without the government taking decisive action. We continue to expect GDP to contract by 0.3% in 2024 as a whole.