Economic situation in Europe cloudy

August 21, 2023

Survey of 1,405 economists by the ifo Institute – Scepticism in Italy, Spain and also Portugal

The economic policy situation in many countries in Europe is clouding over. According to a survey of 1,405 economists from 133 countries by the ifo Institute (https://www.ifo.de), they rate the economic policy in the country compared to the previous quarter with minus six points on a scale of minus 100 to plus 100.
Southern Europe pessimistic

“In Southern Europe in particular, the experts assess the economic policy situation as worse, with minus twelve points,” ifo researcher Niklas Potrafke clarifies the results. In Italy, Spain and Portugal in particular, considerable concerns about the implementation of the “NextGenerationEU” bailout fund would lead to negative judgements.

“Some experts see the funds being invested in the wrong projects,” says Potrafke. This is the fourth survey wave in which the experts see a worse economic policy situation than in the previous quarter in Southern Europe. Only in Greece is the situation assessed as better than in the previous quarter. There, the re-election of Prime Minister Mitsotakis had a very positive effect on the experts’ assessments.

Eastern Europe also sceptical

The assessment in Eastern Europe remains as bad as in Southern Europe, at minus eleven points. The respondents in Western Europe assess economic policy with minus four points, in Northern Europe with plus two points compared to the previous quarter. The experts in Southeast Asia (plus 24) and West Africa (plus 25) are very positive. Globally, the economic policy situation in Central Asia is rated worst with minus 27 compared to the previous quarter.

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