Composite leading indicators (CLIs), designed to anticipate turning points in economic activity relative to trend six to nine months ahead, continue to point to stable growth momentum in the OECD area as a whole. Stable growth momentum remains the assessment for the United States, Japan, Canada and

the euro area as a whole, including Italy, and is now also expected in France.Signs are emerging that growth may be stabilising in Germany. In the United Kingdom, the CLI continues to point to signs of easing growth.


Amongst major emerging economies, growth is expected to gain momentum in India and Brazil as well as in the industrial sector in China. In Russia, there remain signs of easing growth.