A November world survey of business sentiment pointed to the onset of global economic recovery, with upbeat expectations evident in North America, Europe, Asia and most other regions. The quarterly economic climate indicator of the International Chamber of Commerce and the Munch-based Ifo economic research institute rose while assessments of the current situation and the outlook for the next six months were both positive for the first time this year. More than 1,000 experts from 91 countries took part in the survey, among them corporate economists from multinational companies, academic economists and chamber of commerce executives. A regional breakdown showed the strongest improvement in the economic climate in Asia followed by North America and Western Europe. The euro was on average seen as overvalued, along with the British pound. The US dollar and the yen were both considered to be undervalued. Most of the business experts expected no appreciable change in currency parities over the next six months.