The Organization for Economic Co-operation and Development (OECD) also sees signs of a slowdown in the economy in Europe in its advanced composite indices. As the agency reported on Monday, These are the first indicators that take into account the effects of the Russian invasion of Ukraine. The reversal of the growth rate is evident in the large economies of Europe, such as Germany, France, Italy, the United Kingdom and even Spain. while in In the United States, Japan or Canada, the trend is still stable.
Advanced Composite Indicators for March – statistics that indicate fluctuations in the economic cycle between six and nine months in advance – fall in Most of the countries of the old continent, In spite of Usually it stays above level 100which represents the long-term average.
The setback in that month is important in the UK (28 to 100.58 points), France (25 to 99.45 points) or Italy (23 to 100.80 points) and somewhat less pronounced in Spain (from 16 points to 101.11 points) Or in Germany (from 13 to 100.63 points). In the eurozone as a whole, The monthly drop is 17 percent to 100.43 points.
outside EuropeThe index rises by 4 percent relative to the United States to 100.09 points, remains unchanged for Japan at 100.55 points and decreases by 5 percent relative to Canada at 100.09 points. Among the Latin American member states of the Organization for Economic Co-operation and Development, the most notable was the violent fall of Chile, with a decline of 48 percent in March, which is an acceleration of this trend observed in previous months.
Its index remains at 98.88 points, which is one of the lowest levels in the organization and clearly below the 100 level for the long-term average. outside the OECD, Among the large emerging economies is Brazil It stands out for the significant decline in its index in March (51 parts per cent to only 97.82 points), which once again marks a turning point in its economic growth.
In the first report assessing the economic impact of the invasion Russia introduced from Ukraine on March 17, The organization estimated that global GDP could fall by about two points. Then its authors determined that the eurozone, due to its dependence on imported fossil fuels from Russia, could cost 1.4 points of GDP, while the impact in the United States would be less (0.9 points).