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OECD data detects trough in major economies

OECD data detects trough in major economies
AFP
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First Published: Fri, Jul 10 2009. 03 57 PM IST
Updated: Fri, Jul 10 2009. 03 57 PM IST
Paris: Conditions in some of the world’s leading economies showed signs of improvement in May, raising the chances of recovery, according to a survey of leading economic indicators published on Friday.
The Paris-based Organisation for Economic Cooperation and Development issues the survey based on data which are designed to indicate turning points in economic activity about six months in advance.
The findings showed indications that recession in major economies was bottoming out, including the US, the eurozone and China. Japan’s leading indicators pointed only to a slowdown in the rate of decline.
“Potential recovery signals are emerging in Italy and France, with indications of troughs emerging in Canada, the United Kingdom, the United States, China and India,” the OECD said.
“The trough signals are more tentative in Russia,” it added.
Among the leading economies, the composite leading indicator for the US rose by 1.0 point to 92.2, though it was still 9.4 points off its reading a year ago.
The 16-country eurozone also showed signs of recovery, rising by 1.0 point to 96.5, which was 4.7 points lower than May 2008.
The leading indicator for Japan slipped 0.3 point to 88.4, down 14.1 points from a year ago. The result for Britain increased by 0.8 point in May to 98.3, but was 2.7 points lower than last year.
Among the big developing economies, China added 1.1 points in May, India rose 1.4 points and Russia rose 0.7 point.
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First Published: Fri, Jul 10 2009. 03 57 PM IST
More Topics: Economy | OECD | Economic indicator | Recession | US |