Global Economic Outlook Dims While US Recovery Continues

4575_image002The world economy has weakened slightly this quarter, mainly due to declining optimism in Asia and Latin America, while North America shows signs of continuing recovery, according to a World Economic Survey published today by the International Chamber of Commerce (ICC) and the Munich-based economic research institute Ifo.

Carried out in partnership with ICC, the latest Ifo World Economic Survey of more than 1,000 economists in 123 countries shows some decline in both the current global economic situation and the six-month economic outlook. The poll’s climate indicator dropped to 94.1 for the third quarter of 2013, back down to early 2013 levels, despite a rise to 96.8 in the second quarter.

 “We’re encouraged by the climate of economic recovery in the U.S., and some stabilization in Europe,” said ICC Secretary General Jean-Guy Carrier. “However, with many economies still struggling, governments need to do more to restore investor confidence. ICC urges G20 leaders to take strong measures to address this uncertainty at the upcoming G20 Summit in Saint Petersburg and send a signal to markets encouraging investment. Greater trade flows and investment could provide a debt-free and much needed boost to job creation.”

ICC has also been urging members of the World Trade Organization (WTO) to reach a final agreement on trade facilitation, which could result in GDP increases of approximately US $960 billion and create over 18 million jobs worldwide, according to a study by the Peterson Institute.

Click here to read more on ICC’s website.

Staff contact: Jonathan Huneke

Staff Contact:   Kira Yevtukhova

Deputy Director, Marketing and Communications
Tel: 202.617.3160

Kira Yevtukhova manages USCIB’s print and online publications, including the website, e-newsletter and quarterly magazine, and serves as the organization’s digital media strategist. Prior to this role, Kira worked for over five years within USCIB’s Policy Department, focusing on climate change, environment, nutrition, health, and chemicals related policy issues. She is a graduate of Mount Holyoke College and is currently pursuing an MBA at Georgetown’s McDonough School of Business.
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