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Wednesday, November 12, 2008 

The pessimism for the European economy is accelerating

The European confidence in the economy dropped to the lowest level of the last 15 years, showed the German IFO institute report today. According to IFO, the economic situation worsened in almost all countries of the euro area and should deteriorate, further, in Ireland, Portugal and Holland. "The expectations for the coming six months remain clearly pessimistic," revealed, as well the IFO institute. These conclusions are part of the World Economic Survey, covering the fourth quarter, and will be disclosed in full in the next day on November 20. The index that measures the economic climate in the region fell from 61.9 points in the third quarter, to 50.9 points in the fourth quarter. This drop is explained by the deteriorating economic conditions in the region. "This analysis suggests that the slowdown in the economy of the euro zone will continue. Interest rates will fall over the next six months," the press release of the IFO shows. The economic situation worsened in almost all countries of the euro zone, with special emphasis on Italy, Belgium, France, Austria and Germany. Expectations remain pessimistic and, according to IFO, the economic situation in Portugal, Ireland and Holland will deteriorate further in the coming months.

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