Responses to this year’s survey revealed that firms − mostly based in developed economies − are still cautious about recovery prospects in home economies and possible political uncertainties in emerging markets. This translated into a high share of investors (68 percent) stating that they were neutral or undecided about the state of the international investment climate for 2014. However, almost half of the respondents (46 per cent) were confident about a positive global climate already for the year 2015, and 48 per cent of them expressed themselves as optimistic for the year 2016 (figure 1). The very low share of pessimistic answers suggests that while investors take into account