Momentum weakening in developing states: OECD

Growth momentum is weakening in major developing economies with the exception of India, while the economic outlook is stable for most developed countries, the Organisation for Economic Cooperation and Development (OECD) said on Tuesday.

The Paris-based organisation said its leading indicator covering 33 member countries was unchanged in April for the sixth month in a row at 100.6, above its long-term average of 100.

The indicator, designed to flag turning points in the economic cycle, suggested there was "stable growth momentum" in the bloc of mostly wealthy developed nations, the OECD said.

However, growth was below trend in Brazil, China and Russia while India's reading was steady at 97.9, which the OECD described as a tentative positive turning point in the country's economic cycle.