Protectionism threat a concern

GERMAN business confidence deteriorated for the second consecutive month but remained at an overall high level, a survey showed yesterday, suggesting Europe’s biggest economy would continue its solid upswing in the next few months. The Munich-based Ifo economic institute said its business climate index, based on a monthly survey of about 7 000 firms, fell to 114.7 from 115.4 in February. The 11-month low reading undershot expectations in a consensus forecast of analysts who had predicted a dip to 114.8. “The threat of protectionism is dampening the mood in the German economy,” said Ifo chief Clemens Fuest.