Current Affairs Global - 30 April 2014

1. Switzerland and Norway are placed as the world's most expensive economies as per the latest report published by the World Bank. They are followed by Bermuda, Australia and Denmark in the same list. The richest countries with the highest gross domestic product (GDP) per capita on a purchasing power parity basis, are Qatar, Macao, Luxembourg, Kuwait, and Brunei.


The economies with the lowest prices are Egypt, Pakistan, Myanmar, Ethiopia and Laos, according to a review of economic data which seeks to compensate for exchange rate effects and measure spending power across countries.


The United States, the world's largest economy, was in relatively affordable 25th place. As per the World Bank report, almost half the world's $90.6 trillion in total economic output in 2011 came from low- and middle-income countries.


2. US economic growth dropped sharply to 0.1% in the first quarter of the current year compared to same quarter of last year. This growth rate was much lower compared to previous quarter growth rate of 2.6%. Consumer spending which drives 70% of growth in the US economy grew by 3% in the same quarter.


At the same time, Fed Tapering is going to continue as Unemployment rate is expected to drop to 6.2% by the end of this year from 6.7% in March.


3. Japan-s central bank downgrades its economic growth forecast for the current financial year. The central bank projected the world-s third-largest economy to grow by 1.1% for the year through March 2015, compared to earlier projection of 1.4% growth published in January. The bank also predicts the consumer prices to jump to 1.3% in the current financial year.


4. Real Madrid's Cristiano Ronaldo broke the record for the most goals in a European Cup or Champions League season in his side's 4-0 semifinal second-leg victory over Bayern Munich yesterday. The Portuguese forward's two goals helped him overtake the previous best of 14 goals in a season registered by Barcelona's Lionel Messi in 2011-12 and Jose Altafini of AC Milan in 1962-63.


He has now scored 66 Champions League goals and is closing in on former Real Madrid striker Raul's overall record for the most goals in the competition of 71.