The outlook for Organisation for Economic Co-Operation and Development (OECD) countries has turned positive, according to the OECD.
The organization’s forward-looking survey of composite leading indicators (CLIs), released on Monday, suggests that there will be an upturn in momentum for OECD countries, spurred by the U.S. and Japan.
The euro zone and Brazil are likely to continue below trend growth, according to the survey. Italy, Germany and France are all showing signs of below trend growth, as the euro zone debt crisis continues to impact their economies.
Worries about a slowdown in China, the world’s second-largest economy, have grown.
However, there are some positive signs for OECD countries in the euro area, with CLIs for seven of the fifteen countries now predicting a positive change.
Russia and India are also showing signs of a more positive economic outlook.
CLIs are components of existing data which move ahead of the business cycle, such as early production figures.
Japan's economy contracted more than expected in the last three months of 2011, according to data released on Monday.