US, Japan to lead global recovery; Europe picking up: OECD

The economic outlook for the major industrialised economies is on the upswing, with the United States and Japan leading recovery and the Eurozone also showing signs of growth, according to the Organisation for Economic Cooperation and Development.

The projections from the respected think tank come in the wake of news last week that the US unemployment rate had fallen to a four-year low, a sign of revival in the world's biggest economy.

The Paris-based OECD (which mostly represents developed economies) said its latest monthly leading indicator for the OECD as a whole, covering 33 countries, was at its highest level since June 2011.

The composite leading indicator (CLI) rose to 100.4 from 100.3 in December, which the think-tank said pointed to "firming growth".

It also brought the measure, which is designed to flag turning points in economic activity, further above the long-term average of 100.

The OECD says that the turning points in the CLI tend to precede changes in economic activity by about six months.