It was a sacred cow, the holy grail. France's budget deficit would not, repeat not, exceed 3% of its GDP. It was etched in stone; the Socialist government had taken drastic measures to cut the deficit down to that magic number. But the financial markets, the IMF, the EU, neighbouring countries and probably the average French person knew that this was mission impossible due to sluggish growth. This week, the government finally admitted the sad truth.
France will likely miss this year's deficit reduction pledge according to Foreign Minister Laurent Fabius, with Finance Minister Pierre Moscovici admitting the growth target would be “difficult”. Preliminary 2012 GDP data will be released Thursday.
Brazil has supplanted the UK as the world's sixth largest economy, according to the London-based Centre for Economics and Business Research. Brazil's economy grew 7.5% last year, whereas European economies were on a downward slope.
Has Bhutan discovered the secret to happiness? In this small kingdom nestled between India and China, wealth is less important than well-being. So instead of GDP they measure GDH, gross domestic happiness! So what is the secret to happiness in Bhutan? Well, they say it's their rejection of a consumer society. But in our globalised world, how long will the young generation resist the lure of modernity?
One week after the British government announced a vast austerity plan, official figures for the third quarter show that the UK's economy has grown twice as much as expected but remains slow at 0.8 percent.
Official data on Tuesday confirmed that Germany's export-driven economy had grown by a record 2.2% in the three months through to June, even as other developed economies continued to struggle with lacklustre growth.
Finland has been ranked the best country in the world to live in by Newsweek magazine, while the United States comes in at 11th place. But how should we interpret these results, given that measuring countries depends on the subjective use of data?
French Prime Minister Francois Fillon (photo) has announced an austerity plan that will slash state spending by 45 billion euros. The three-year plan aims at bringing public deficit back down to the EU's limit of three percent of GDP by 2013.