OECD points to general slowing of main economies

PARIS, September 12, 2011 (AFP) - The main economies in the world are set for a general slowdown, the OECD said on Monday on the basis of its leading index of underlying signals in its member countries. The Organisation for Economic Cooperation and Development, which already warned of potential pockets of recession last week, said that its composite index of leading indicators continued to signal a slowdown in July in most of the 34 OECD member economies.

Compared to last month's estimate, Canada, France, Germany, Italy, Britain, Brazil, China and India were "pointing more strongly to a slowdown in economic activity", the OECD said.

The United States and Russia were also pointing more clearly to a slowdown in economic activity compared to last month, it said.

Japan, where the economy has been rebounding from the devastating effects of a tsunami last March, was showing signs of a potential turning point and could be slipping towards a downward slope, the OECD said.

Last month, the United States, Russia and Japan were considered to be at turning points.

The other major economies were already deemed in slowdown based on the OECD's composite of leading indicators.

On Thursda