ICC/Ifo world economic climate indicator signals slowing growth
Thursday, November 18, 2004 4:33:16 PM
afxpress.com
PARIS (AFX) - The International Chamber of Commerce (ICC) said its world economic climate indicator suggests that global growth will slow down over the next six months
"The unusually robust expansion of the world economy will flag somewhat, according to the results of the latest ICC/Ifo world economic survey," the ICC said
"The expectations for the coming six months have again weakened to some extent, but the appraisals of the current situation have once more improved," said Hans-Werner Sinn, president of the German Ifo institute, which carries out the survey with the ICC
"These results are characteristic for the late phase of a cyclical upswing," he said
The quarterly economic climate indicator fell to 103.8 in October from 109.2 in July and 110.1 in April, but remained well above its 1990-2003 average of 93
"The only moderate weakening in economic expectations and the further improvement in the assessments of the current situation still point to a positive development of the world economy in the first half of 2005 despite a weakened dynamic," Ifo said
The indicator is based on a survey of 1,145 economic experts in 90 countries
The ICC said the climate indicator fell most clearly in North America, reflecting both a weakening in appraisals of the current situation as well as in expectations for the US economy
In Asia and Western Europe the decline in the climate indicator was solely due to less optimistic expectations for the six months ahead, with the current economic situation receiving a positive assessment in both regions |
