August 9, 2012 / 10:01 AM / 8 years ago

OECD sees emerging market slowdown spreading to Russia

PARIS, Aug 9 (Reuters) - Russia looks headed towards an economic slowdown, joining fellow emerging market powerhouses India and China whose economies are also showing signs of faltering, the latest report from the OECD showed on Thursday.

The Paris-based economic think tank said its June composite leading indicator (CLI), which provides a measure of future economic activity and is based on a long-term average reading of 100, slipped 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 last month’s assessment, the Organisation for Economic Cooperation and Development said.

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

The only country to show an improvement was Britain, where a rise in the CLI to 99.9 from 99.8 suggested 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.

CLIs for the euro zone, France and Germany continued to point to weak growth and Italy looked at more risk of a slowdown. The euro area CLI inched down to 99.4 from 99.5.

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