The Ifo World Economic Climate Index has fallen to its lowest level in more than 20 years, according to data released by Ifo Institute for Economic Research on Thursday.

The index was only 60.0 in the fourth quarter of 2008, while in the first, second and third quarter the index was 90.4, 81.4, and 73.4 respectively.

The decline was primarily the result of more unfavorable assessments of the current economic situation, and also showed that expectations for the coming six months have fallen further, the institute said in a news release, adding that the latest data pointed to a global recession on the whole.

The cooling of the Ifo World Economic Climate has this time affected not only the major economic regions of North America, Western Europe and Asia but also Central and Eastern Europe, Russia, Latin America and Australia, the institute said.

In the United States, economic expectations for the coming six months are no longer quite so pessimistic as in the first half of the year, the institute pointed out.

As for Western Europe, the economic climate indicator has again worsened in nearly all countries. The economic situation is particularly unfavorable in Spain, Italy, Belgium and Ireland.

In Asia, assessments of the current situation as well as the six-month outlook have been revised downward. Particularly unfavorable appraisals of the economic situation have been given in countries including Japan and South Korea.

Since 1981, the Munich-based Ifo Institute has conducted quarterly world economic surveys in numerous economies on business cycle developments and other economic factors.

The latest survey was conducted in cooperation with the International Chamber of Commerce in Paris.

(Xinhua News Agency November 21, 2008)