Ifo World Economic Climate indicator falls

The Ifo World Economic Climate clearly deteriorated in the fourth quarter of 2007. Both the appraisals of the present economic situation as well as the expectations for the next six months were revised downwards. The worsening of Ifo's economic climate indicator was seen especially in North America and to a lesser extent in Western Europe and Asia. In total the new survey results indicate a slowdown of world economic activity in the first half of 2008. Inflation expectations for 2007 have lowered somewhat in a worldwide average.