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Gideon Gono

Oecd Says Global Recession Easing

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The pace of decline of the world's major economies is slowing, according to the Organisation for Economic Co-operation and Development (OECD).

The composite leading indicators (CLI) index for the 30 countries in the OECD rose 0.5 point in April, but was still 8.3 points lower than April 2008.

"It is still too early to assess whether it is a temporary or a more durable turning point," the OECD said.

The CLI index for the UK rose by 0.7 point, and the US was up by 0.2 point.

In the eurozone, the CLI index increased by 0.8 point, but was down 6.3 points from the same month last year.

'Reduced pace'

The global economy is poised for its worst year since World War II as the major economies have fallen into severe recession.

The organisation said countries not included in the OECD were still declining at a fast pace, with the exception of China and India. Both those countries showed similar signs of easing to the US and Europe.

The data points to a "reduced pace of deterioration in most of the OECD economies with stronger signals of a possible trough in Canada, France, Italy and the United Kingdom", the OECD said.

World stock markets have recovered from their lows in March on hopes for a global recovery, based mainly on survey data of consumer and business confidence.

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