Marc-Antoine COLLARD, Chief Economist, Head of Economic Research, Asset Management, Europe
Business confidence index posted a seven-month high of 50.3, moving back above the 50-threshold – which divides expansion from contraction – for the first time since April 2019. While the level of confidence is perhaps best described as precarious, it is nonetheless consistent with the consensus view that the global slowdown is bottoming out. Are they once again overconfident regarding next year’s growth as they were regarding 2019 which, it has turned out, exhibited the weakest pace since the Great Financial Crisis?
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