OECD reveals optimism for global recession

| June 8, 2009 | 0 Comments
”OECD

According to the Organisation for Economic Co-operation and Development (OECD), the economic outlook for the world’s major economies is looking brighter after indications revealed the downturn may have finally bottomed out.

The composite leading indicators (CLI) index for the 30 countries in the OECD gained 0.5 points in April to 93.2, up from 92.7 in March.

However, the OECD noted that April’s figure was still 8.3 points lower than in April last year.

Meanwhile, the CLI index for the UK increased by 0.7 points, while the US gained 0.2 points. The CLI for the euro zone was up by 0.8 points, but was 6.3 points lower than in April last year.

The OECD also said China and India’s economies both showed signs that the pace of the downturn was easing. China’s CLI increased to 94.3 in April, up from 93.4 in March and represented the third consecutive monthly rise.

The OECD also said Japan saw a marginal rise in its CLI to 89.5 in April, up from 89.4 in March.

Commenting on the figures, the OECD said: “While it is still too early to assess whether it is a temporary or a more durable turning point, OECD CLIs for April 2009 point to a reduced pace of deterioration in most of the OECD economies.”

However, the organisation concluded that in non-OECD economies, the CLIs still pointed to deteriorating conditions.

Many economies throughout the world have been grappling with their worst economic downturn since the aftermath of the Second World War.

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