Global: China to overtake US economy; India trumps Japan
The International Comparison Program, a statistical project led by the World Bank, revealed in its latest report that China is set to overtake the U.S. as the world’s largest economy earlier than expected.
Germany: Germany’s unemployment continues to decline more than expected
Bloomberg reports that in April, in Germany the number of unemployed people fell by 25,000 to 2.872 million. The magnitude of this decline exceeded market expectations of a drop of 10,000 and as by Bloomberg indicates that Germany continues to lead the recovery in the Eurozone.
Venezuela: Venezuela Boosts Minimum Wage 30% on World’s Fastest Inflation
Bloomberg reports that the Venezuelan governmnet recently announced that it will increase the minimum wage for workers and pensioners by 30% effective next month. According to the President Nicolas Maduro, the government will consider another increase in the last quarter this year. The increase comes after the world’s annual inflation rate surged to 59% last month.
United Kingdom: European Court of Justice declines the United Kingdom’s opposition to financial transaction tax
As stated by the BBC, the European Court of Justice has disapproved the United Kingdom’s legal challenge to the introduction of an EU tax on financial transactions. The United Kinkgdom had claimed that this tax would negatively effect its banks. The tax will be introduced by 11 EU member states, but not by the United Kingdom.
Greece: Greece expects to beat 2014 budget target, may issue more bonds
Reuters reports that the Greek governmnet expects a primary surplus of 2.3% of GDP this year, according to a mid-term plan presented by the government. The figure is up from the 1.5% of GDP surplus target set by the European Union and IMF.