Current Affairs Global - 31 May 2015

1. Sepp Blatter was re-elected as the President of FIFA for the fifth term amid the ongoing corruption scandal affecting football's governing body. At the same time, FIFA General Secretary Jerome Valcke confirmed that Russia and Qatar will host the Football World Cups in 2018 and 2022 respectively amid.

2. Brazil's economy contracted by 0.2% in the first quarter of the year due to severe droughts. It contracted by 0.2% compared with the previous three months which was better than economists- expectations of 0.5% contraction. Brazil is the seventh largest economy in the world.

3. The US economy contracted by 0.7% in the first tquarter of 2015, compared to the same period last year. The US economy was last contracted in the first quarter of 2014, when it was contracted by 2.1%.

Consumer spending, which accounts for about 70% of US economic activity, slowed to 1.8% growth in the first quarter.