BackOECD sees stable momentum among major economies, Germany losing steam
The organization said its leading indicator covering 33 member countries was unchanged in June at 100.5, above its long-term average of 100
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Paris: Growth momentum in most major developed economies is stable although Germany and Japan both show signs of losing steam, the Organisation for Economic Co-operation and Development (OECD) said on Monday, as it flagged a turnaround in growth prospects for India.
The Paris-based organization said its leading indicator covering 33 member countries was unchanged in June at 100.5, above its long-term average of 100.
The indicator, designed to flag turning points in the economic cycle, suggested there was “stable growth momentum" in the bloc of mostly wealthy developed nations, the OECD said. The indicator has been unchanged at 100.5 since February.
However, growth was losing momentum in Germany, where the indicator had dropped to 100.2 in June from 100.4 in May, and Japan, where it fell to 100.1 from 100.4 the previous month. Italy’s growth momentum improved to 101.7 from 101.6 in May.
Among major emerging economies, the indicator for China was unchanged while India and Russia had seen slightly improving prospects for expansion.
The outlook was stable in the US, with a 100.5 reading unchanged since May. The OECD said the euro area showed stable growth momentum, with the reading unchanged at 101.0. Reuters
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