MNI BRIEF: OECD CLI Shows Mixed Picture Across Major Economies

The OECD Composite Leading Indicator continues to recover from levels seen at the beginning of the pandemic in most major economies, although the rate of change differs across countries. While the CLIs signal stable growth in the US, Japan and Canada, they point to moderate growth in France, Italy and Germany. The CLI for the UK contracted for the third successive month due to heightened uncertainty regarding a trade deal after Brexit. Among major emerging economies, the CLI signals improving growth for China's manufacturing sector. Moderate growth is seen for Brazil and India, while growth in Russia has stabilised according to the CLI.

However, the report noted that the positive news regarding the vaccine developments may not have been incorporated in the CLI indicators, hence this month's data should be interpreted with care.