The outlook for the world's major industrialised and emerging economies worsened markedly in November, OECD data showed on Monday, and the international body said the figures pointed to a "deep slowdown" in those states. The Organisation for Economic Co-operation and Development's leading indicator for the Group of Seven advanced industrial nations fell to 93.3 in November from a confirmed 94.8 in October.
It was a 7.7-point year-on-year drop. "OECD composite leading indicators for November 2008 point to deep slowdowns in the major seven economies and in major non-OECD member economies, particularly China, India and Russia," the OECD said in a statement. The sharpest monthly fall among the G7 economies was Germany's at 2.0 points, bringing its indicator to 91.6. The smallest drop was in Italy, which posted a fall of 0.2 points to 95.8. The fall for the G7 as a whole was 1.5 points.
Japan's indicator fell 1.6 points month-on-month to 93.7. The indicators for Brazil, China, India and Russia fell at least as sharply month-on-month as in October, with Russia posting the strongest fall among those emerging economies, of 4.3 points.