Wed, 16 Jun 2021

BRUSSELS -- The economy of the 27-member European Union (EU) will grow by 4.2 percent in 2021 and 4.4 percent in 2022, higher than the previous estimate, the European Commission said Wednesday in its Spring Forecast.

The Winter Forecast made in February had projected that the EU economy would grow by 3.7 percent in 2021 and 3.9 percent in 2022. (EU-Economy-Growth)

- - - -

SEOUL -- South Korea's employment growth hit an 80-month high in April, indicating an economic recovery from the COVID-19 pandemic shock, statistical office data showed Wednesday.

The number of those employed totaled 27,214,000 in April, up 652,000 from the same month of last year, according to Statistics Korea. It was the fastest increase in over six and a half years since August 2014. (South Korea-Employment-Economic Recovery)

- - - -

UNITED NATIONS -- A UN report has revised up the world economic growth as a result of robust rebounds in China and the United States, but warned against fragilities in other economies in the context of COVID-19.

In its mid-year update of its World Economic Situation and Prospects 2021, which was released in January 2021, the UN Department of Economic and Social Affairs (DESA) now predicts the world economy will grow 5.4 percent in 2021 instead of the 4.7 percent forecast in January 2021. (UN-China-US-Economy)

- - - -

CANBERRA -- Australian Prime Minister Scott Morrison said Wednesday the federal budget for 2021-22 will secure pandemic recovery and protect lives.

Treasurer Josh Frydenberg handed down the budget on Tuesday night, revealing an improved economic outlook for Australia and announcing tens of billions of dollars in new spending to create jobs and fast-track Australia's recovery from the COVID-19 pandemic. (Australia-COVID-19-Budget)

More Sydney News

Access More

Sign up for Sydney News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!