Global: World Bank Cuts Global Growth Forecast After ‘Bumpy’ 2014 Start
That World Bank has cut its global growth forecast for this year from 3.2% to 2.8% amid weaker outlooks for the U.S., China and Russia. The Bank is also encouraging emerging markets to strengthen their economies before the Federal Reserve raises interest rates. (Source: Bloomberg)
China: China Ramps Up Spending to Spur Economy, Central Bank Sees Stable Policy
China’s central bank said it will keep monetary policy steady in 2014, even as the finance ministry said fiscal spending had surged nearly 25.0% in May from a year earlier, highlighting government efforts to energize the slowing economy.
United Kingdom: Britain’s GDP Surpasses Pre-Recession Peak
The Telegrapgh writes in a recent article that United Kingdom’s GDP has reached a symbolic milestone. According to the National Institute of Economic and Social Research, GDP is now at the levels last seen in January 2008.
Japan: Business Sentiment Falls in Q2
In the second quarter, business sentiment among Japanese industries fell 14.6% over the previous quarter while in Q1, the indicator rose 12.7%. Sentiment among large manufacturers dropped 13.9% in Q1 and business sentiment for non-manufacturers fell 15-0%.
Ukraine: Russia-Ukraine Gas Talks Resume as Putin and Merkel Speak
Russia gave Ukraine an extra six days to begin payments in a gas-supply deal with the European Union as the parties prepare to resume talks today in Brussels. (Source: Bloomberg)