OECD indicators fall to 1970s oil crisis levels

PARIS: Key indicators of global economic activity fell sharply in December to levels not seen since the oil crisis of 1973, the Organisation for Economic Co-operation and Development said on Thursday.

The composite leading indicator (CLI) for the United States, the world's biggest economy, fell in December to a level 9.5 points lower than a year ago.

The CLI for the 16-nation eurozone decreased by 8.2 points betweeen December 2007 and December 2008, the OECD said in a statement.

"The CLIs in most OECD countries have fallen to levels that were last seen during the oil shocks of the 1970s," the statement said.

The slowdown was even sharper in once-buoyant emerging economies such as Brazil, China, India and Russia, where CLIs fell in December year-on-year by 5.4 points, 14.0 points, 7.5 points and 17.7 points respectively.

The Paris-based OECD, a group of developed economies, has 30 member states.