The slowdown is also due in part to the unwinding of accommodative policies in emerging countries in order to keep economies from overheating. A. Advanced economies  Let us look at advanced economies in more detail. The U.S. economy remains on a moderate uptrend.
Although the effects of fiscal stimulus measures have been waning, exports to emerging and commodity-exporting economies have continued to increase and private consumption and business fixed investment have been rising moderately. Housing starts have remained at a depressed level after dropping sharply due to the expiry of tax credits for homebuyers, but are unlikely to fall further.