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- Reuters
World Bank's Reinhart sees 'long haul' before any debt reductions for developing countries
World Bank chief economist Carmen Reinhart said it could take many more years before the growing number of heavily indebted countries see any substantive reduction in their debts. Reinhart, who returns to Harvard University on July 1 after a two-year public service leave, said the economic woes facing Sri Lanka were just the tip of the iceberg and more countries would likely join its ranks. "Be prepared for the long haul," Reinhart told Reuters in a remote interview.
- Reuters
Record trade deficit weighs on U.S. economy in first quarter
The U.S. economy contracted in the first quarter amid a record trade deficit, the government confirmed on Wednesday, but that picture is misleading as domestic demand was strong. Gross domestic product fell at a 1.6% annualized rate last quarter, the government said in its third GDP estimate. Final sales to private domestic purchasers, which exclude trade, inventories and government spending, increased at a 3.0%rate last quarter.
- Yahoo Life
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