Global economic climate dull as last year in the crisis of 2009, says IFO


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Global economic climate dull as last year in the crisis of 2009, says IFO

On Monday, the 11th of November 2019, the IFO institute for economic research, a Munich-based research institution, headquartered in Munich, Germany, had revealed a report that said the outlook of global economy was as drastic as it had been in the era of great financial depression of 2009 up until now in 2019.

On top of that, according to the report of Munich IFO Institution that consisted of 1230 experts and 117 countries released on Monday (November 11th), IFO's global judgement barometer for economic mood had dropped sharply to a minus 18.8 points in the quarter that ended on September 30th from an earlier minus 10.1 points, which happened to be the worst level never seen since the second quarter of 2009, at a calamitous time when an unfathomable scale of financial crisis had been rampaging the economy almost all over the world.

Besides, casting further clouds over the global economy, while a majority of global economies has been in a technical recession, the IFO President, Clemens Fuest, said earlier on Monday (November 11th), “The global economy continues to cool.

The experts expect significantly weaker world trade growth, weaker private consumption and lower investment activity. The economic climate deteriorated in almost all regions. ”