The latest report released by the Paris-based Organization for Economic Cooperation and Development has hinted that over the coming few months, the recovery of the G7 nations would be slow, which means that the major economies of the world would still be struggling with the after-effects of the recession.

On the other hand, the agency expects the comparatively smaller Asian economies like India and China to race ahead. Amongst the G7 nations, the recovery of Europe might just be the slowest with Japan and US overtaking it.

"Economic activity gathered steam in most of the major OECD economies in the last quarter of 2009 with the notable exception of the euro area. Taking the most recent dataflow into account, the OECD short-term forecasting models suggest that growth is likely to slow down in the first half of 2010", the agency said.

While this does come as a good news for the previously trailing economies, it is a matter of concern for the whole world overall, mainly because it is the major economies which, at the end of the day, end up affecting the trade, orders and experts/imports of the relatively smaller economies.

For many years, economies like Brazil, China and India have lagged behind the bigger countries like Japan, US, UK and Canada, but it seems like things are set to change now.

It is, however, to be noted that the global recession did not hurt the smaller economies all that much to begin with, so it was obviously going to be easier for them to recover.

According to the latest OECD report, the recovery would be particularly sluggish over the first half of 2010 for the G7 countries, but things would be just about alright for the smaller economies.

The trailers might just become the leaders for a short while it seems, but in order to lead for good, we guess it would take the smaller economies much more time, especially with the bigger economies now recovering, albeit slowly.