Ifo Economists Don’t See a V-Shape Recovery After Coronavirus
Skerdian Meta•Friday, April 24, 2020•1 min read
The global shutdown due to coronavirus has hurt the global economy immensely, particularly the economies of the West. Manufacturing and especially services are heading to the bottom, with European services PMI falling close to 0 points, as we saw yesterday. The business climate has been deteriorating as well, with German Ifo business climate falling to record lows this month, as shown below.
Germany April Ifo Business Climate Index
- April Ifo business climate index 74.3 points vs 79.7 expected
- March business climate index at 86.1 points
- Expectations 69.4 points vs 75.0 expected
- March expectations stood at 79.7 points
- Current assessment 79.5 vs 80.5 expected
- March current assessment at 93.0 points
Comments by Ifo economist, Klaus Wohlrabe
- There will likely be no V-shaped recovery
- German economy is in its toughest time since the reunification
- There will be signs of economic recovery from mid-year at the earliest
Despite the economic crash that Europe and the US are going through, many economists were agreeing that we would see a V-shaped recovery in summer after the virus lockdown ended. After all, China rebounded nicely in March after the dive in February, but at this point, whatever comes out of China, take it with a pinch of salt.
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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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