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Economic slowdown spares no country, report says

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None of the world’s major economies will escape a slowdown, the Organization for Economic Co-operation and Development said today, Reuters reported.

The Paris-based organization’s composite leading indicator for its members fell to its lowest reading since December 2009.

Readings for individual countries and big-developing world economies were broadly lower at levels that indicate slowdowns, and, in many cases, they were below their long-term averages, Reuters said.

The indicators are designed to anticipate turning points in economic activity relative to trend — a turnaround in an indicator tends to precede turning points in economic activity by around six months, Reuters said.

Japan’s reading remained above its long-term average, but dropped enough to suggest that an economic recovery after its March earthquake and tsunami disaster is losing steam.

Economic momentum in the United States eased only slightly, according to the report, as was the case with China’s economic indicator, Reuters said.