OECD sees momentum easing in developing states, India stable

PARIS Tue Jun 10, 2014 3:44pm IST

A worker grinds a metal shaft metal used in water pumps at a manufacturing unit on the outskirts of Ahmedabad June 2, 2014. REUTERS/Amit Dave

A worker grinds a metal shaft metal used in water pumps at a manufacturing unit on the outskirts of Ahmedabad June 2, 2014.

Credit: Reuters/Amit Dave

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PARIS (Reuters) - Growth momentum is weakening in major developing economies with the exception of India while the economic outlook is stable for most developed countries, the OECD said on Tuesday.

The Paris-based Organisation for Economic Cooperation and Development said its leading indicator covering 33 member countries was unchanged in April for the sixth month in a row at 100.6, 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.

However growth was below trend in Brazil, China and Russia while India's reading was steady at 97.9, which the OECD described as a tentative positive turning point in the country's economic cycle.

The outlook was stable in the United States, with a 100.5 reading unchanged for months. The OECD said the euro area saw a positive change in momentum with a reading of 101.1, which was steady from March but up from previous months.

However, Japan saw its reading continue to ease, slipping to 100.6 from 100.7 as consumers adjust to the first increase in value added sales tax since 1997.

(Reporting by Leigh Thomas; Editing by Ingrid Melander and Alexandra Hudson)

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