OECD Sees Weaker Growth Ahead in Industrialized World

Only Russia will see strong growth

Economic growth in the most of the world's principal industrialized nations is likely to weaken in the months ahead but is expected to pick up in Russia, the Organization for Economic Cooperation and Development (OECD) predicted Oct. 5.

The OECD said its composite leading indicators (CLI) index for its 30 members fell 0.6 points in August to 109.6 from 110.2 in July. Its six-month rate of change reading, which includes long-term growth trends and cyclical movements, declined in August for the second straight month -- and in particular in the Group of Seven powerhouses, Britain, France, Canada, Germany, Italy, Japan and the United States. That index fell 0.7 points in the U.S. in August, 0.5 points in the eurozone and 0.8 points in Japan compared with July.

The CLI index rose 0.3 points in Russia in August and, unlike the trend in the Group of Seven, its six-month rate of change reading increased, according to the OECD.

In China the CLI gained 3.5 points in August, with its six-month average well above its long-term growth rate level.

Copyright Agence France-Presse, 2007

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