(RTTNews) - Wednesday, the Ifo Institute for Economic Research said its world economic climate indicator fell to a new historic low of 50.1 in the first quarter of 2009 from 60 recorded in the final three months of 2008.
The Munich-based Ifo said the decline was mainly due to more unfavorable assessments of the current economic situation, which tumbled to 45.7 from 67.6. At the same time, the expectations for the coming six months improved to 54.4 from 52.6.
The deterioration of the Ifo world economic climate has affected all major economic regions. The economic climate indicator was more unfavorable than the world average in Western Europe and Asia. In North America, it corresponds to the world average. The climate indicator was above the world average in Latin America, Oceania, the CIS countries, Central and Eastern Europe and especially in the Near East countries.
Ifo's world economic survey experts indicate a clear decline in world trade in the first half of 2009.
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