Economic slowdowns in China, India and Russia entrenched: OECD

PARIS Thu Sep 13, 2012 3:31pm IST

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PARIS (Reuters) - The slowdown in leading emerging market economies China, India and Russia will persist over the coming quarters, while the outlook for the euro zone remains weak, the OECD said on Thursday.

The Paris-based economic think-tank said its composite leading indicator for China held steady in July from June at 99.1, a rate consistent with an economic slowdown and below the long-term average of 100.

The indicator for India also remained stable but at the even lower level of 98.1, while Russia's index dropped to 99.1, from 99.6 in June.

Developed countries will also continue to struggle in the coming quarters, said the OECD, which last week cut its growth forecasts for most countries in the Group of Seven developed economies, saying that the euro zone's debt crisis had spread to the region's core.

"Composite leading indicators, designed to anticipate turning points in economic activity relative to trend, show that the loss of momentum is likely to persist in the coming quarters in most major OECD and non-OECD economies," the OECD said a statement.

The indicator for the United States, dipped to 100.8 from 100.9. The euro zone reading remained well below the 100 mark, edging down to 99.4 from 99.5, while among the large euro zone economies Italy fared poorest, slipping to 98.8 from 98.9.

In its latest update, the OECD said its indicator for the Group of Seven large industrialized economies came in steady at 100.3 in July while the aggregate reading for the mostly industrialized group of OECD member countries dipped to 100.2 from 100.3.

(Reporting by Leigh Thomas; Editing by Susan Fenton)

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