THE
economic activities in major economies are unlikely to show any improvement this
year. Composite leading indicators (CLIs), designed to anticipate turning points
in economic activity relative to trend, continue pointing to a slowdown in
activity in most OECD countries and major non-member economies.
Though the CLIs for Japan , United States and Russia are showing stronger
signs of a positive change in momentum and remain above long-term trend, the CLI
for China has deteriorated since last month and is pointing to a slowdown in
economic activity towards long-term trend. For other major economies and the
Euro area , the CLIs continue pointing to slowdowns.
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