The OECD is flashing early warning signals of economic weakness across the world, with mounting evidence that China, India and Brazil – may soon succumb to the downturn.

The Daily Telegraph of London reports that, “the closely-watched gauge – known as the composite of Leading Indicators (CLI) – has picked up a sharp deterioration in the eurozone in March, notably in Italy and France where the advance signals are falling even faster than in Britain. The measure tends to anticipate the industrial cycle by about six months.”

In most emerging markets, growth continues to power ahead, but rampant inflation is starting to damage business confidence. Russia is the only nation still in full bloom among the so-called BRIC quartet of rising powers, but the inflation rate reached 14.3 percent in April as oil and gas wealth flooded the economy.

The inflation rate has surged the highest in Venezuela at 22 percent.

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