Russia, India, China headed for slowdown: OECD

Russia may be heading for an economic slowdown along with emerging market powerhouses India and China whose economies are also showing signs of faltering, according to the latest report from the Organisation for Economic Co-operation and Development (OECD).

The Paris-based economic think tank said yesterday that its June composite leading indicator, (CLI), which provides a measure of future economic activity and was based on a long-term average reading of 100, retreated to 99.5 for Russia from 100.3 in May.

CLIs for China and India continued to point to a slowdown, while Brazil looked set for a more moderate pick-up in economic activity than in the assessment of last month, it said.

The overall indicator for the OECD area, covering 33 countries, eased to 100.3 after having stood at 100.4 from February through to May, pointing to moderating growth.

The only country to have showed an improvement was Britain, where a rise in the CLI  to 99.9 from 99.8 pointed to a tentative improvement in economic activity.

"Composite leading indicators ... continue to point to an easing of economic activity in most major OECD economies and slowdowns in most major non-OECD economies," it said.