Global Economy | featured news

Unemployment rose to 10.9 percent in April, the 11th monthly increase in row, and is likely to add to tension ahead of national elections in Greece and France on Sunday.

After several official predictions that India would grow by 7-8% in 2011-12, the finance minister finally admitted in his Budget 2012 speech that the growth would be 6.9%. The actual figure may be lower at 6.5%, thanks to the statistical error in sugar production, which dragged down January's industrial production growth figure from 6.8% to 1.1%.

Taiwan snapped two straight quarters of contraction, but an uncertain outlook for its major trading partners prompted Taipei to revise growth forecasts for the year.

Fiscal austerity and tough labor reforms have failed to create jobs, leading to an "alarming" situation in the global employment market that shows no sign of recovering, the International Labour Organization said on Sunday.

Spain's latest credit rating downgrade has thrown into sharp relief the need to revive a banking sector that could need another 100 billion euros to cover bad debts in order to avoid exposing another weak flank in the euro zone crisis.

Figures released Wednesday provoked an outcry on the day that Mario Draghi, the president of the European Central Bank, shifted his rhetoric on the debt crisis.

Far-rightist Marine Le Pen threw France's presidential race wide open on Sunday by scoring nearly 20 percent in the first round - votes that may determine the runoff between Socialist favorite Francois Hollande and conservative President Nicolas Sarkozy.

Japan says it will forgive about 300 billion yen ($3.7 billion) of Myanmar's debt as a way to support the country's democratic and economic reforms.

Like Barack Obama, Nicolas Sarkozy swept to power on a wave of hope for change. Sarkozy's wave crashed on the global financial crisis and his own failings.

Italian Prime Minister Mario Monti declared on Wednesday that reviving economic growth now had to take priority over belt tightening that could plunge the country deeper into recession.