A host of developed and emerging economies, including India, China, US, UK and the Euro zone, and Japan are expected to face severe slowdown ahead, says Organisation for Economic Co-operation and Development (OECD).
The composite leading indicators (CLIs) for November 2008 point to deep slowdowns in seven major economies and non-OECD member economies particularly India, China and Russia, OECD said in a report.
The OECD indicators have been designed to provide early signals of turning points in business cycles and fluctuations of economic activity around its long term potential level.
The CLI for India has dropped by 1.2 point in November 2008, which was 7.6 points lower as compared with the same month in the previous year.
The CLI for China and Russia has decreased by 3.1 points and 4.3 points respectively, in November, 2008, the report revealed.
Besides, the indicator predicts a downturn in Brazil with the CLI in November falling by 1.1 point and lower 2.9 points lower as compared with that a year ago.
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The OECD CLIs are composite indicators with components that target the early stages of production and respond rapidly to changes in economic activity.
CLIs are sensitive to expectations of future activity and are control variables that measure policy stances.
The OECD composite leading indicators for the US fell 1.7 point in November last year, about 7.3 points lower than in the year-ago period.