It warned, however, of impending recession, particularly in Poland and Hungary.

And political analysts and mainstream economists warn of recession and dourly note that foreign investment is about a third of what it was five years ago.

Domingo Maza Zavala, the director of the Central Bank, warned of recession as soon as 2007.

World Bank warns of global recession 2.

The Government's index, though failing to warn of recession last summer, is still widely watched, and few were inclined today to dismiss the implication of a fourth straight advance after negative readings from August through January.

World Bank warns of global recession 5.

World Bank warns of global recession 3.

Sombre debut: Mario Draghi warned of 'mild recession by year-end' (GETTY)

World Bank warns of global recession 4.

Mr. Hoey was one of the few Wall Street economists last year to warn of recession.