WEF poll shows global economic pessimism

The confidence crisis continues worldwide as experts remain pessimistic about the state of the global economy and global governance over the next year, according to the results of the World Economic Forum's Global Confidence Index.However, the Index shows that there is higher optimism for global cooperation to address the situation.Over 1,000 global experts from the public and private sectors were sent the survey - a joint initiative of the World Economic Forum's Risk Response Network and Global Agenda Councils - for the second quarterly Global Confidence Index.Among the respondents, 70 percent remain pessimistic about the global economic outlook, the same number as last quarter.Confidence in global governance also remains low this quarter, with a consistent 60 percent of respondents signalling little trust in political leadership to deal with global risks.One-third of the respondents expressed confidence in the state of global cooperation, compared with one-fifth three months ago. However, concern about a major societal disruption being likely or very likely to occur over the next 12 months has grown from 50 to 60 percent this quarter."Looking at the European situation, it seems clear that optimism in the global economy will return when structural economic challenges are met with credible political solutions," said World Economic Forum Managing Director and head of the Forum's Risk Response Network Lee Howell. The network is responsible for publishing the annual Global Risks Report.The Global Confidence Index is the only research initiative of its kind that targets such a large group of international experts who focus on monitoring key trends, identifying global risks, and mapping their interlinkages.Respondents to the quarterly survey are Members of the World Economic Forum's Network of Global Agenda Councils, which includes policy-makers, business leaders, and academics.