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Paris (AFP) Dec 13, 2010 The pace of economic growth has stabilised in the world's leading industrialised states, with a pick-up noted in the United States and China and moderation in Germany and Japan, the OECD said Monday. The Organisation for Economic Cooperation and Development in another report Monday said a strong economic recovery in ASEAN nations was now losing steam. The OECD said its index of composite leading indicators showed that for the United States, China and to a lesser extent France showed "signs of improvement" in October compared to September. In Germany and Japan the indicators "show moderation toward a stable pace of expansion." "Downturn signals are still evident in Canada, Italy and India while Brazil remains in a slowdown phase," the OECD reported. The organisation, which coordinates economic policy among the world's principal industrialised nations, said that in southeast Asia, the growth picture was mixed. A "solid recovery" was under way in the Philippines, powered by exports, while in Malaysia activity was slowing in the face of weak trade levels. Lackluster production and retail sales were hampering Singapore, the OECD said, while the Thai economy was "relatively stable, supported by solid production activities." Indonesia was displaying signs of slowing. The report said that in China, a non-ASEAN nation, a slowdown appeared to have "bottomed out" thanks to a revival in investment and retail sales. But recovery in India, also a non-ASEAN nation, was faltering as trade and production indicators weaken. The OECD found that "uncertainty" surrounding near-term prospects in OECD countries would continue to affect economic trends in southeast Asia.
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