As the size of the economy rescue plans are growing bigger by the day in trans-Atlantic countries, the accelerating slowdown in economies the world over had taken deeper roots last year itself.
The Paris-based Organization for Economic Cooperation and Development (OECD) said its composite leading indicators (CLIs) "for November 2008 point to deep slowdowns in the major seven economies and in major non-OECD member economies, particularly China, India".
"The CLIs for India fell 1.2 points in November 2008 and was 7.6 points lower than in November 2007," noted the OECD, the think tank for industrialised countries.
The CLIs suggest "early signals of turning points in business cycles - fluctuations of economic activity around its long-term potential level".
Global meltdown: Complete coverageIt focuses on turning points, or peaks and troughs, to provide an indication of short-term economic cycles.
In contrast with India, the fall in CLIs is bigger for China. China's CLIs decreased by 3.1 points in November 2008 and was 12.9 points lower than a year ago.
The OECD, which has already predicted protracted recession for its 29 member countries, said CLIs for the US fell by 1.7 points in November 2008 and were 8.7 points lower than a year ago while the Euro area's CLIs decreased by 1.1 point in November and stood 7.6 points lower than a year ago.
Industrial production data in the Eurozone countries suggest a sharp drop of 1.9 per cent for November, a development that would further accelerate the year-on-year
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