The global downturn was effectively declared over yesterday, with the Organisation for Economic Co-operation and Development (OECD) revealing that "clear signs of recovery are now visible" in all seven of the leading Western economies, as well as in each of the key "Bric" nations.
The OECD's composite leading indicators suggest that activity is now improving in all of the world's most significant 11 economies – the leading seven, consisting of the US, UK, Germany, Italy, France, Canada and Japan, and the Bric nations of Brazil, Russia, India and China – and in almost every case at a faster pace than previously.
Each of the 11 economies saw an improvement in July, the OECD said, with only France improving at a slower rate than in June. The July figures are the most encouraging since the indices began ticking downwards during the first quarter of last year.
The OECD's leading indicators are considered a key economic yardstick because they measure the sectors of countries' economies that tend to react first to upswings and downturns. As such they provide early evidence of the way in which the overall economy is progressing.
In the UK, the OECD said the leading indicators were pointing to a particularly strong recovery, with the measure showing a 1.3 per cent improvement during July, the British economy's best performance so far this year on the organisation's measure.
Monday, September 14, 2009
OECD: The Recession is over.
Thank goodness we have institutions like this to tell us when things finish. How unfortunate it is then they had no idea the timing and magnitude of the Recessions beginning.
Taken from this article: