Optimism over global economic recovery declines, according to world survey

Optimism over global economic recovery declines, according to world survey

Famagusta Gazette

17 August 2012

Ifo World Economic Survey shows a decline of optimism over global economic recovery.

According to an ICC – Ifo press release, posted on the website of the International Chamber of Commerce (ICC) today, the survey taken among 1,079 experts in 123 countries showed a fall of the world economic climate indicator to 85.1 in the third quarter of the year, after two consecutive increases.

These results are significantly below the long-term average of 96.7 (1996-2011) for the Survey, conducted by the Munich-based Ifo Institute for Economic Research and the ICC.

The climate indicator for Europe sunk to 88.9 for the current quarter, down 20 points from its long-term average of 109.0.

It is noted that “in Greece, Italy, Portugal, Spain and Cyprus, assessments of the current economic situation remained at recession level”.

Assessments of the situation in Belgium, France, Ireland, The Netherlands and Slovenia “were only slightly better”, it added.

Despite the fact that most experts participating in the survey continued to assess the current economic situation positively in Germany, Estonia and Finland, this was at a lesser extent than in the previous quarter.

Ireland and The Netherlands are the only countries in Europe where expectations have risen and are pointing to modest recovery in economic activity, the press