Millennium Post

India, China show signs of slowdown: OECD

India and China, two of the world's fastest growing economies, are seeing signs of slowdown, Paris-based think tank Organisation for Economic Cooperation and Development [OECD] said on Monday. The OECD on the other hand said, Japan, the US and Russia continue to see improvement in their economic growth.

The latest readings are based on Composite Leading Indicators [CLIs] that provide early signs of turning points in economic activity of a country.

‘The assessment for China and India has changed significantly since last month. For both countries, the CLIs point towards economic activity below long-term trend,’ OECD said. CLI for India stood at 98 in April, lower than 98.2 recorded in March.

In April, China CLI slid to 99.1 from 99.4 seen in the previous month. OECD's assessment comes at a time when concerns are rising that the Indian economy is losing momentum, especially after growth touched a nine-year low of 6.5 per cent in 2011-12. Indian economy expanded 8.4 per cent for two consecutive years –2009-10 and 2010-11 –even as many developed nations were ravaged by the 2008 financial meltdown during this period.
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