Brazil, Russia, India and China (BRIC) are showing worrying signs of a decline in economic growth, while the U.S., U.K., Japan and even the euro area are in far better shape, according to a report by the Organisation for Economic Co-operation and Development (OECD).
Using composite leading indicators (CLIs), which anticipate turning points in economic activity, the OECD concluded that there is a continuing divergence in growth patterns across major economies.
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The OECD states, "The CLIs for the United States, Japan and the United Kingdom point to economic growth firming," while, "in the euro area as a whole, the CLI continues to indicate a gain in growth momentum." Italy is currently showing a positive change in its growth momentum, while France's economic picture is stabilizing.
However, Brazil, Russia and China are showing slowing economic momentum, while India, whose CLIs point to a vastly fluctuating economy, is showing signs of a tentative positive change in momentum, although its CLI figure is still down year-on-year.
(Read more: Is Asia poised for a sharp slowdown?)
The OECD's findings on Western economies are certainly in line with recent data and general investor sentiment. The U.S.'s June trade balance figures showed the deficit narrowed to $34.2 billion from expectations of about $43 billion — the smallest since October 2009.
In the U.K, car sales are up 12.7 percent and house prices are rising at the fastest in nearly 3 years. Retail sales have also been stronger than expected.
However, Chinese data released on Thursday contradicts the OECD's view somewhat. The country posted stronger-than-expected trade figures, the latest in a string of upbeat data. Contrary to the OECD's findings, Dariusz Kowalczyk, senior economist and strategist of Asia ex-Japan at Credit Agricole told CNBC: "All this confirms our view that the economy has bottomed out and will re-accelerate in the second half. We'd like to call the end to worries over China for this year."