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Gloomy confidence outlook in German business

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Gloomy confidence outlook in German business

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Confidence among business leaders in Germany has slumped to its lowest level for sixteen years according to the influential IFO economic institute in Munich. Their closely-watched survey of 7,000 executives, show the gloomiest outlook since February 1993, as the global financial crisis slashes demand for exports. And with firms like BASF, BMW and Daimler scaling back production to meet that reduced demand, the German economy has helped drag the Eurozone into recession.