German Minister: A New Financial Crisis Poses a Threat to the World Economy
The world economy is facing the risk of a new financial crisis, warned German Finance Minister Wolfgang Schauble, quoted by the electronic edition Politico.
Chinese PM Wen Jiabao has said the current year will be the most difficult the country has faced this century because of the global economic crisis, while announcing the latest program to stimulate the China's economy, the BBC reported Thursday.
Addressing parliament, Wen reiterated that there would be a USD 585 B investment program to stimulate the Chinese economy.
He also declared an annual growth target of 8% and goals to boost consumption and raise consumer demand. His address opened the annual session of the National People's Congress.
Wen added that he hoped to create nine million new jobs in the cities and increase local government spending budgets by almost 25%.
"In China, a developing country with a population of 1,3 billion, maintaining a certain growth rate for the economy is essential for expanding employment for urban and rural residents, increasing people's incomes and ensuring social stability," he said.
Wen was frank that China was suffering from the global financial crisis, and acknowledged the country lacked adequate social security provisions and health care.
The increased spending talked about by Wen in his keynote speech was announced last November. There appeared to be no new money to help the ailing economy, as some had speculated.
Extra government money will be spent on infrastructure projects, such as railways, roads and irrigation schemes.
On the eve of the meeting, China said it would increase military spending by 14,9% this year to USD 70,2 B.
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Julian Voinov, an economist and financial expert, expressed optimism regarding Bulgaria's potential adoption of the euro in 2025 or early 2026
This was stated by the Governor of the Bulgarian National Bank at the international conference "Bulgaria in the Eurozone, When?" in Sofia
Former Finance Minister Simeon Dyankov has suggested that Bulgaria's potential entry into the Eurozone may not materialize before 2026
In the initial quarter of 2024, Bulgaria's economy expanded by 0.4%, as per an expedited evaluation by the National Statistical Institute (NSI), a slight deceleration from the 0.5% growth witnessed in the final quarter of the preceding year
According to Levon Hampartzoumian, the likelihood of Bulgaria joining the Eurozone in 2025 is very slim, as no country has ever entered during the middle of the year
According to Dimitar Radev, the Governor of the Bulgarian National Bank (BNB), Bulgaria will not meet all the requirements for joining the Eurozone by the time the convergence report is released in June
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