Canada Tops OECD’s List Of Countries Headed For Decline

Canada tops OECD's list of countries headed for decline

Published: Friday, August 08, 2008

PARIS – A sharper economic slowdown lies ahead for 29 countries in the OECD, the Paris-based Organisation for Economic Co-operation and Development said on Friday.

Its composite leading indicator for the OECD area fell to 96.8 in June from 97.4 in May, and a similar indicator for the Group of Seven leading industrial nations fell to 97.0 from 97.4 over the same period.

“Composite leading indicators (CLIs) for June 2008 indicate a continued weakening outlook for all the major seven economies,” the OECD said in a statement entitled “Composite Leading Indicators signal sharper slowdown in OECD area.”

Canada saw the largest single decrease in its CLI, with June's figure falling by 1.1 points on the month to 95.5 from 96.6.

Japan's CLI fell to 95.9 in June from 96.0 in May.

The OECD indicator is based around a long-term average of 100. A decrease below the 100 level indicates economic slowdown.