China: China Must Adapt to ‘New Normal’ of Slower Growth
According to Bloomberg, Chinese President Xi Jinping said the nation needs to adapt to a “new normal” in the pace of economic growth and remain “cool-minded” amid a slowdown that analysts forecast will lead to the weakest expansion since 1990.
United Kingdom: UK GDP ‘Close to Pre-Crisis Level’
BBC News reports that the UK economy is close to regaining its pre-financial crisis level of economic activity, according to research organization NIESR. Economic output at the end of April was just 0.17% below its pre-recession peak, it said.
Ukraine: Rebels Declare Victory in East Ukraine Vote on Self-Rule
Ukraine’s eastern provinces held a “self-rule” referendum this weekend: an overwhelming majority of the voters voted for expanded sovereignty. The EU declared the referenda illegal and prepared to increase pressure on Russia.
India: India’s New Government Set to Inherit Wobbly Economy
The Indian general election will reach its climax this week but the economy is not showing signs of improvement. Reuters reports that the new government is hopeful of a rebound in FY 2014/2015 but much will depend upon the pace of reforms after a new government takes over following the conclusion of the elections on 16 May.
Thailand: Thai Protest Leader to Set Up Office in Empty Government House
The Guardian reports that Thai opposition leader Suthep Thaugsuban announced plans to set up an office at the vacated Government House while the country’s caretaker leader works from a makeshift. According to the Guardian, one newspaper compared the political situation to a sinking ship, the “Thaitanic”.