GDP

Chinese Premier Wen Jiabao cut his nation's 2012 growth target to an eight-year low of 7.5 percent and made boosting consumer demand the year's first priority as Beijing looks to wean the economy off its reliance on external demand and foreign capital.

The Union budget has always provided major policy direction which has been anxiously awaited by the common man and the industry. But over the years, the tax system has become more crystallised and yet expectations have not ceased. Check out expectations of Budget 2012-13.

The reintroduction of the government subsidy in Japan on fuel-efficient vehicles, which propelled a big increase in retail spending and industrial production in January, will generate negligible benefit to the economy of the country, according to a report.

China will boost military spending by 11.2 percent this year, the government said on Sunday, unveiling Beijing's first defense budget since President Barack Obama launched a pivot to reinforce U.S. influence across the Asia-Pacific.

China will increase its defense spending by 11.2 percent this year, a government representative said on Sunday when the country disclosed its military budget. It will spend 670 billion yuan ($106.4 billion) on defense in 2012, which represents an increase of $14.4 billion over the $92 billion spent on the military in 2011.

The surge in oil prices is unlikely to have a major impact on inflation in emerging Europe but the impact on growth could be more significant according to the report.

With the U.S. economy showing signs of strengthening due to Keynesian economic policies, the Republican Party should do itself a favor: stop offering ineffective economic policies and quit while it's behind.

The week ahead will largely be defined by two major events. First, on Friday, the February U.S. nonfarm payrolls report will be released, providing important data about the economic recovery. Second, also on Friday, euro-zone finance ministers will hold a conference call to decide whether Greece can get its second, €130 billion ($175 billion) bailout.

Despite agreeing to the new European Union fiscal stability pact, Spain has autonomously decided to defy the established deficit target. Spain will not reach the previously set deficit target of 4.4 percent of gross domestic product (GDP) and instead opts for more flexibility, setting a new target of 5.8 percent of GDP.

The U.S. economic recovery could be dented by a renewed drop in housing prices in the short term and the country lacks a credible, comprehensive fiscal plan, posing a major medium-term economic risk, a top IMF official said.

Spain defied the European Union on Friday, setting a 2012 deficit target at 5.8 percent of gross domestic product, a far softer goal than the 4.4 percent agreed with Brussels.

Austerity and reform finely balanced to bring back growth in Europe in face of record unemployment rates.

Brent crude rose above $124 per barrel and West Texas Intermediate rose as much as $1.11 to $110.55 per barrel on Thursday as upbeat economic data from China and the United States brightened oil demand prospects.

If it were a country, Apple’s market value would put it between oil-rich Iran ($480 billion in gross domestic product) and tech powerhouse Taiwan ($505 billion GDP).

The cabinet has allowed cash-rich state companies to buyback shares and participate in the government's divestment programme, Praful Patel said on Thursday, as New Delhi looks to narrow its widening fiscal deficit.

Ireland may need to make further changes to its budget this year if the economy continues to deteriorate, the European Commission said on Wednesday in a draft of a report obtained by Reuters.

The Greek parliament approved an extension of pharmacy opening hours and cuts to drug spending Thursday as part of a package of healthcare reforms agreed in return for last week's 130 billion euro international bailout deal.

China's 11th National People's Congress (NPC), the Chinese Parliament and top legislative body, will convene its fifth annual meeting Monday to set such key 2012 economic objectives as a lower target for economic growth, while keeping inflation steady.

Fed Chairman Ben Bernanke said Wednesday job growth was better than expected and inflation under control, leaving markets thinking central bank intervention was a long way off. The upshot was a dollar rally that hammered gold, stocks and government bonds.

The Dow Jones Industrial Average crossed 13,000 at Tuesday's market close, while the S&P 500 rose above 1,370, but a bullish psychological impact could actually drag down the market in days to come.

U.S. Federal Reserve Chairman Ben Bernanke played killjoy Wednesday morning, delivering a somewhat pessimistic assessment of the nation's economic condition in a semi-annual address to the House of Representatives.