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25 May 2024

OECD sees weaker growth ahead in industrialised world

By Agencies


Economic growth in the world's principal industrialised nations is likely to weaken in the months ahead, the OECD predicted Friday.

The Organisation for Economic Cooperation and Development said its composite leading indicators (CLI) index for its 30 members fell 0.3 points on a monthly basis in December to 99.1 and was down by 2.1 points over 12 months.

"The latest composite leading indicators suggest that a slowdown in economic activity lies ahead in the OECD area," the OECD said.

"December 2007 data indicate a weakening outlook for all the major seven economies.

"The latest data for major OECD non-member economies point to a potential downturn in China, while continued expansion is ahead in Brazil, India and Russia."

The CLI summarises information from a number of key short-term economic performance indicators and provides early signals of turning points between expansions and slowdowns in activity.

It has a long-term average of 100. (AFP)