Paris-based think tank, the Organisation for Economic Cooperation and Development (OECD) has given a pat on governments reform measures and has said that India's economic growth is firming up and prospects are also looking better in most of the other major economies.
The global think tank based on its Composite Leading Indicators (CLIs) readings, which are designed to anticipate turning points in economic activity relative to trend has said that Indian CLI continues to indicate firming growth and has risen to 99.5 in January from 99.3 registered in December. The indicator has been inching up since September last when it stood at 99.
OECD has however red-flagged Russia and said that its CLI still points to a loss in growth momentum, while euro area is expected to see positive change in growth momentum. The readings have further indicated that in Germany, the CLI point towards positive change in momentum, while outlook for Italy and France too has improved.
For euro zone, the readings, expressed as an index where 100 denotes the long-term average, rose to 100.7 for the euro zone as a whole from 100.6 in the preceding month’s report. For US was it was stable at 100.2 and for Japan it stayed at 99.8. In large non-OECD economies, the index rose to 99.1 in China from 99.0.
