After two quarters of successive decline, the global economic climate has begun to improve, although it still remains significantly below its long-term average, according to the latest World Economic Survey, published today by ICC and the Munich-based Ifo Institute for Economic Research.The January survey polled 1,129 economic experts from business and academic institutions in 120 countries to assess current and expected economic developments. Their answers were analyzed to reach a quarterly figure representative of the current global economic climate.
While appraisals of the current situation were even poorer than the previous ICC-Ifo survey in October, overall improvement was driven by a more optimistic six-month outlook among experts. The economic climate in Western Europe changed little. While the current economic situation deteriorated further compared to the last quarter of 2011, the six-month outlook brightened slightly but continued to signal skepticism. North America marked a clear improvement from 2011, especially from the U.S., where both the current economic situation and the six-month outlook are more positive. Asia, on the other hand, is pointing to an economic slowdown, after significantly worse appraisals of the current situation further pushed the climate indicator below its long-term average.
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