Confidence in global economy improving – World Economic Forum

21 January 2013 12:30  [Source: ICIS news]

LONDON (ICIS)--Confidence in the global economy is increasing, driven by perceptions of a strengthening eurozone and allayed fears of the US “fiscal cliff”, Switzerland-based think tank the World Economic Forum (WEF) said on Monday.

According to WEF’s Global Confidence Index, which is a quarterly survey of 390 figures in business, government, international organisations and academia, global economic confidence ticked up to 0.43 on a scale of 0 – 1, up from 0.38 the previous quarter.

Although still below the 0.5 mark – representing the level at which sentiment could be described as optimistic – the score is the second-highest since the survey began in September 2011, WEF added.

The number of respondents expressing little or no confidence in the global economy fell to 43% from 56% in the previous survey, and the proportion of people who described themselves as slightly or extremely confident increased to 23% from 17%, WEF said.

“The first Economic Confidence Index result of 2013 gives us some cause for optimism, but the figure is still in negative territory overall. We still need dynamic leadership to drive the economy ahead and overcome challenges,” said WEF senior director Martina Gmur.

The US “fiscal cliff” was a raft of subsidy cuts and tax hikes scheduled to come into effect at the start of the year, which was averted when US legislators passed a bill to delay them for until March.

By: Tom Brown
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