The latest assessment from the OECD comes at a time when there are indications of slowing growth in India and China - two of the world' fastest-growing economies.
OECD's composite leading indicator (CLI) - that indicates turning points in an economy - inched up to 97.9 in November compared to 97.8 in October. "In the United States and the United Kingdom, the CLI continues to point to economic growth firming up. In China and India, the signs of a turning point are more marked than in last month's assessment," OECD, a grouping of mostly rich countries, said in a statement.
China saw its CLI rise to 99.7 in November as against 99.5 in October. CLIs for Italy, Germany, France and the Euro Area as a whole, reflected stabilisation in growth prospects. "Likewise, in Brazil and Japan, tentative signs of stabilising growth are emerging," it added.
In the first half of FY13 (April 2012-March 2013) the GDP growth was just 5.4 percent, and government expects an expansion of under 5.7 percent for the whole fiscal.
To bolster growth, the Indian government has embarked on a path of reform, such as allowing foreign direct investment in multi-brand retail. Among others, fiscal deficit is a major concern for the Indian economy. In October, finance minister P Chidambaram suggested a fiscal deficit of 5.3 percent of GDP in 2012-13 was "doable", followed by 4.8 percent in 2013-14 and further gradual reductions to 3 percent by 2016-17.
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