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PARIS (AFP) – Growth is picking up pace in most major rich nations but momentum is slowing or stable in emerging economies, the OECD said on Monday.

Economic growth is accelerating in the United States, Britain and the eurozone, while it is above trend in Japan, according to the OECD’s index of composite leading indicators.

The index is considered to be a reliable guide to future economic activity.

The index suggested Italy and France are switching to growth.

But the OECD, grouping 34 advanced countries, said growth was below trend in Brazil and India. Meanwhile it was returning to trend in China and was around trend level in Russia.

In a separate report, the OECD said the Philippines was the only emerging Asian nation with strong business cycle momentum, although China and Singapore have stabilised.

The OECD said “the key imminent downside risk facing Southeast Asia, China and India is the turmoil in the financial market, triggered by the prospects of tapering of quantitative easing (QE) policy in the U.S.”

The U.S. stimulus program led to a flood of funds into emerging markets seeking higher returns, but the impending shift in monetary policy has seen a sharp withdrawal, causing currencies and equities in some emerging markets to slump.

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Stacey Abrams

Photo by Biden For President is licensed under CC BY-NC-SA 2.0

Reprinted with permission from Daily Kos

File this under asked and answered. Former Georgia House minority leader and voting rights advocate Stacey Abrams trended much of the day on Wednesday after Republican Sen. John Kennedy questioned whether she thought a restrictive voting bill signed into law last month is racist. "I think there are provisions of it that are racist, yes," the former Georgia gubernatorial candidate answered. Abrams was speaking during a Senate Judiciary Committee hearing on voting rights on Tuesday when Kennedy made the mistake of asking her for a list of the provisions she objects to in the Georgia legislation.

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