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The ZEW institute, Germany’s main economic think tank, reported July 15 that its monthly index, measuring investor expectations of the German economy, dropped to -63.9 in July — the lowest figure since the institute began measuring investor confidence in December 1991. The bleak economic forecast is not unique to Germany; Europe as a whole is facing several economic problems. Individually, these problems would normally be handled with the customary European elan; but all at once, these difficulties will be tough to take.
Europe is looking at a continent-wide slowdown and likely recession — a predicament that the Europeans, as a bloc and individually, are unprepared for. The severity and alacrity with which the recession hits individual states will vary, depending on their foreign energy dependence, overall export dependence and current economic health indicators. However, even the bright spots in the European economy (such as Slovakia) will have to deal with the sharp slowdown in their neighborhood.
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