London, United Kingdom, 13 Jan – The seven largest economies in the world (G-7) and the main emerging economies are expected to see a period of “deep cooling” according to a report from the Organisation for Economic Cooperation and Development (OECD).
According to the OECD, the economic prospects indicator for the 30 countries included in the group fell to 93.8 points in November, from 95.1 points in the previous month.
Indicators for the economies of Brazil, Russia, India and China (BRIC), emerging nations that are not part of the OECD, also showed a fall.
The Brazilian indicator, however, projects a less severe fall than the emerging nations and G-7 countries, falling to 101.2 point in November, from 102.3 points the previous month.
As compared to November 2007, the fall was the equivalent of 2.9 points. Brazil is the only country, according to the report, to see a slowdown rather than significant cooling of its economy.
Amongst the G-7 countries an overall fall was posted in individual indicators, particularly the German economy indicator, which fell from 93.7 points in October to 91.6 points in November, which was 10.7 percentage points less than in November 2007.
For most of the current decade, Germany has depended on its export sector for growth, but the country’s economy is expected to cool substantially over the next few months due a to a fall in world demand. (macauhub)