World economic climate improves

According to the results of the 81st World Economic Survey (WES), in which 1,144 experts from 91 countries participated, the Ifo World Economic Climate clearly improved in July 2003, after having shown first signs of recovery in April. At 91.3 points (1995 = 100) the indicator not only surpasses the value of April (83.2) but it is slowly reaching its long-term average (94.1 for the period 1982 to 2002). The increase in the indicator results exclusively from the more confident expectations for the next six months, but the appraisal of the current economic situation remained more cautious. Since the expectations tend to lead the assessments of the current situation, the chances have improved for a recovery of the world economy in the course of the second half of 2003.