The BRIC countries are cooling off.

Economic growth in Brazil, India and China slowed in the past quarter.

Until now they have been considered the driving force behind global growth.

Austerity measures in Europe, coupled with uncertainty about the future of the euro, saw the economy of the common-currency area shrink marginally.

In America, though, despite signs that the recovery could decelerate, first-quarter growth nearly reached 2%, driven primarily by consumption and exports.

Overall, the world economy’s growth accelerated in the first three months of the year.

First-quarter output expanded by 2.9% compared to the same period last year, one-tenth of a percentage point higher than in the previous quarter.

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