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Tuesday, August 9, 2011

NEW RECESSION: India likely to see economic slowdown: OECD!

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PTI / / Last Updated : 09 Aug 2011.

LONDON: India and China are likely to see economic slowdown in the coming months and similar trends are expected for developed nations, including Germany and Italy, according to Paris-based think tank OECD.

The grim reading for two of the world's fastest growing economies -- India and China -- comes at a time when the global financial system is battling the fallout of the US credit rating downgrade as well as European debt crisis.

Organisation for Economic Cooperation and Development (OECD) is a grouping of mostly developed countries and the member nations account for over 60 per cent of global output.

"The Composite Lead Indicators (CLIs) for Canada, France, Germany, Italy, the United Kingdom, Brazil, China and India continue pointing to slowdowns in economic activity," OECD said today.

The grouping's latest assessments are based on CLIs for the month of June. CLIs provide early signals of turning points with regard to economic expansion and slowdown.

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