India, China have reached positive turning points: OECD
PARIS (Reuters) - The growth outlook for most industrialised countries is improving, led by the United States and Britain, while the Chinese and Indian economies have reached positive turning points, the OECD said on Monday.
Growth prospects for core euro zone countries France, Germany and Italy as well as the bloc as a whole are beginning to stabilise, the Organisation for Economic Cooperation and Development added in a statement on its monthly leading indicators.
The Paris-based think tank's composite leading indicator for the 33 OECD member countries, a measure designed to flag turning points in economic activity, was stable in November from October at 100.2, slightly above the long-term average of 100.
The United States saw its reading rise to 101.0 from 100.8, while in Britain the indicator rose to 100.7 from 100.5, which the OECD said was indicative of "growth firming".
Its indicator for China continued to rise towards its long-term average of 100 with a reading of 99.7, edging up from 99.5 in October. India's indicator ticked up to 97.9 from 97.8.
The euro area's indicator inched up to 99.5 from 99.4, while Japan's reading held steady for the fourth month in a row at 100.2.
The OECD says that turning points in these indicators tend to precede changes in economic activity by about six months.
(Reporting by Leigh Thomas; Editing by John Stonestreet and Hugh Lawson)
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India has withdrawn the drug pricing authority's powers that allowed it to fix the prices of medicines not deemed essential, after its decision to impose price caps on more than 100 drugs in July triggered industry protests. Article