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(CEP News) - The global economy is weakening further according to the Organization for Economic Co-Operation and Development (OECD) on Friday, whose leading economic index declined to a reading of 96.2 in July from 101.4 in August.
The OECD also said the G7 leading economic index declined to 96.5 from 101.6 in June. The report comes just two days after the organization revised up forecasts for U.S. GDP to 1.8% from 1.2%, while the forecast for Japan was revised down to 1.2% versus the preliminary estimate of 1.7%. Growth in the euro zone was revised down to 1.3% compared to 1.7% previously, the UK forecast was revised to 1.2% compared to the prior forecast of 1.8%, and Canada's economy is now expected to grow just 0.8% versus the preliminary estimate of 1.2%. By Erik Kevin Franco,
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, edited by Nancy Girgis,
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