Summary

• The just-released Ifo index, Germany’s most prominent leading indicator, took another plunge in April, to 84.4, from 86.3 in March, the lowest level since the pandemic.
• The war in the Middle East and soaring energy prices have again exposed the fact that Germany is one of Europe’s largest net importers of energy.
• With the government entering its second year in office, there have been a wide range of reform proposals but still very few actual decisions.

By Carsten Brzeski, Global Head of Macro

A plunging Ifo index underlines the growing concerns among German companies about the adverse economic impact of the war in the Middle East

To quote Andreas Brehme, the all-too-early-departed scorer of

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