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China economy weakening further: OECD

China economy weakening further: OECD

PARIS: China’s economy is losing steam and other big emerging market economies such as Brazil and Russia are also showing signs of weakness, the Organisation for Economic Co-operation and Development (OECD) said on Tuesday.

While growth in the eurozone looks stable, it seems to be tapering in the US, UK and Canadian economies, albeit from relatively high levels for mature economies of their kind, the OECD said in its latest report on a forward-looking indicator it compiles monthly.

The leading indicator, a synthetic index designed to detect turning points, dipped to 97.6 from 97.9, retreating further from the 100 mark that represents the long-term average.

In advanced economies, the think tank reported slips of a tenth of a point for the US, UK and Canadian economies, to 99.5, 99.7 and 99.4.

“Growth momentum is anticipated to moderate in Canada as well as in the UK and the US, albeit from relatively high levels,” it said. “On the other hand, the outlook continues to deteriorate for China, with the CLI (leading indicator) pointing more strongly to a loss of growth momentum. Signs of slowing growth momentum are also re-emerging in Russia. In Brazil, weak growth momentum is anticipated.”

Published in Dawn, September 9th, 2015

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