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Rich economies on growth track, China slows: OECD
by Staff Writers
Paris, France (AFP) Aug 08, 2013

Leading developed economies are still on a track towards growth, but among emerging economies China is showing increasing signs of slowing down, the OECD said on Thursday.

Among big emerging countries, India is the only one where the economy continues to show "tentative positive change in momentum", The Organisation for Economic Cooperation and Development said in a monthly report on leading indicators.

Both Russia and Brazil seem to be slowing, the OECD said.

The OECD, grouping 34 advanced countries, said that in the eurozone, signs of a pick-up continues, with particularly German growth on track to recovery.

In non-eurozone Britain, and in the United States and Japan, growth was firming.

But the OECD signalled a sluggish performance by France where it said that momentum was "relatively stable".

Its composite index of leading indicators suggested that growth was close to trend rates in Canada.

For China, it said indicators are "now pointing to slowing momentum".

The outlook is based on index of leading indicators in major economies and is considered to be a reliable guide to future economic activity.

In a separate survey, also on Thursday, the European Central Bank said it still expected the eurozone to achieve growth this year and next, but lowered its forecast due to weaker-than-expected demand in the euro area. The quarterly survey is based on estimates from a group of professional forecasters.


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