The global economic climate is at its brightest since 2007, but there may be trouble ahead, report agencies.

The observation came in the latest quarterly World Economic Survey (WES) of the International Chamber of Commerce (ICC) and the Munich-based Ifo Institute for Economic Research, published globally Wednesday.

Topping last quarters four-year high, the ICC/Ifo world climate indicator reached 107.7 points in April, far above its 1995-2010 average of 96.9.

The figure, based on a survey of over 1,000 economists in 120 countries, combines respondents increasingly positive appraisals of economic situation in their countries with outlook for the next six months, which has dipped slightly while remaining confident, said a press release.

The survey assessed Bangladesh economic situation as favourable as some major Asian countries. It put Bangladesh alongside the major Asian economies like Hong Kong and Malaysia.

“In Bangladesh, Hong Kong, Malaysia and Sri Lanka, the present economic situation is assessed as favourable according to the latest WES results,” the survey said.

It also forecast that the economic situation in all these countries would remain “fairly confident” for the next half of this year.

Among the risks that could hit the world economy in the next six months, pushing it off the road to recovery, the ICC/Ifo report cited excessive international capital movements, and potential oil price shocks driven by tensions in supply.

World economic growth is expected to reach 3.2 per cent in 2011, up slightly on last years level. Experts cite the main growth engines as China, India and certain Latin American countries, such as Peru and Argentina.

Despite its overall optimism, the report highlights marked regional variations, and factors that could upset further global economic recovery in the next six months. Public budget deficits were top on the experts list of urgent problems, ahead of high inflation and unemployment.

ICC Secretary General Jean-Guy Carrier said: “The ICC/Ifo findings are an encouraging sign that the global economy is still recovering. But, they also show growing anxiety about public deficits that have built up since the financial crisis.”