United States: Economy Shrank During First Quarter, Government Data Show
The U.S. economy contracted for the first time in three years in Q1. The 1.0% decline was driven by a drop in inventories and business investment during the abnormally cold winter months, although most analysts believe the economy is already experiencing a spring rebound. (Source: Washington Post)

Argentina: Argentina in Deal with Paris Club to Pay $10bn Debts
Argentina has reached an agreement with the Paris Club group of international creditor governments to repay its overdue debts over a five-year period. (Source: BBC)

Japan: Japan’s Consumer Spending Weaker than Expected After Sales Tax Hike
April’s larger than expected drop in consumer spending and production after March’s sales tax hike prompted the International Monetary Fund to point out the need for reforms to foster economic growth of the Japanese economy. Consumer spending dropped 13.3% in April. (Source: Reuters)

China: Super-Size Me! China’s ’Mini’ Stimulus Starts Expanding
According to some analysts, the Chinese government is expanding the so-called “mini-stimulus” economic package, which was first unveiled on 2 April. In addition, the Central Bank has eased liquidity conditions. (Source: Bloomberg)

United Kingdom: Britain is Still Feasting on Credit – and the Next Crunch Will Hit in 2016 It is only a matter of time before the Bank of England decides to push up interest rates. Aditya Chakrabortty of The Guardian argues that a normalization of interest rates will force many households to become “mortgage prisoners”. (Source: The Guardian)

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