German Ifo Institute released its Ifo World Economic Climate figures on Wednesday. The Ifo World Economic Climate index increased to 90.5 in the second quarter from 87.8 in the first quarter. The increase was driven by rises of economic climate indexes in North America and Europe. The index for Asia declined slightly in the second quarter.

The current economic situation index for the global economy dropped to 86.0 in the second quarter from 87.9 in the first quarter, while the economic expectations index jumped to 94.7 from 87.7.

Ifo expects the global economy to expand 2.0% this year, while the recovery remained moderate.