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PARIS : Fresh indicators from the Organisation for Economic Cooperation and Development Friday pointed to a weakening of the economic outlook for the G7 group of industrialised countries but a boost for some big emerging economies.
"OECD composite leading indicators (CLIs) for July 2008 indicate a continued weakening outlook for all the major seven economies," the 30-nation Paris-based body said in a statement.
"The latest data for major non-OECD member economies tentatively point to expansion in China, Brazil and Russia and a downturn in India."
The composite indicators use a points system to gauge the outlook in a number of areas such as consumer confidence and industrial forecasts.
The CLI forecast for the OECD area was sharply down from the same month the previous year, decreasing by 0.7 points in July 2008, 5.2 points lower than in July 2007, it said.
Its US indicator was down 0.2 percent in July, five points down on July 2007, while the eurozone index sank 1.2 points and was six points down from July 2007.
The Group of Seven covers the United States, Canada, Japan, Germany, Britain, France and Italy.
The OECD on Tuesday raised its forecast for US economic growth this year but cut its estimates for Japan and the eurozone, and said Britain faced recession.
- AFP /ls
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