China: China’s Economy Grows 7.4% in the First Quarter, Overshoots Expectations
The BBC News reports that China’s economy expanded by 7.4% in the first quarter of the year, which was above market expectations. However, the print represented a slowdown from 7.7% growth in the final quarter of 2013.
United Kingdom: Inflation Falls to 1.6%, the Lowest Since October 2009
The Guardian reports that annual CPI inflation fell to 1.6% in March from 1.7% in February, according to official data. The rate, was the lowest since October 2009 and well below the Bank of England’s government-set target for CPI at 2%.
Japan: Population Shrinks for Third Year as Aging Increases
This article by Bloomberg reports that Japan’s population slid for a third year with the proportion of people over the age of 65 at a global record, which challenges its ability to finance its aging society. Japan’s debt has swelled to more than twice the size of the country’s GDP, due partly to expanding health and social security costs associated with its aging population.
Russia: Russia might experience zero econommic growth because of Ukraine crisis
According to the BBC, Russia’s Finance Minister admitted that Russia may have zero economic growth this year and that the country is facing the most difficult economic conditions since 2008. During the first three months of 2014, Russia has seen a capital flight of USD 63 billion because of political instability.
European Union: European Parliament approves laws on banking overhaul
The European Union has finally approved a law that will put in place an overarching structure to oversee and manage struggling banks. The so called “banking union” is one of the biggest steps toward European financial integration since the introduction of the euro more than a decade ago.