The Global Economy - The global economy will grow by less than expected this year as growth in developing economies slows, The Organisation for Economic Co-operation and Development predicts.

It expects 3.4% world growth this year, down from its 3.6% November forecast. In 2015, however, it still expects growth of 3.9%. It cut forecasts for China and the U.S.
"We are still not out of the woods yet," said OECD Secretary General Angel Gurria.
However, in its report, it warned that "still-high unemployment in many countries and the subdued pace of growth in many emerging market economies relative to past norms" was likely to limit the momentum of the global recovery.
The OECD now forecasts 7.4% growth in China for this year, down from its 8.2% November forecast.
Meanwhile, the US economy is forecast to grow 2.6% this year against last November's 2.9% estimate, because of a combination of bad weather in December and October's government shutdown.

The U.S. - In testimony in front of the U.S. Congress, Federal Reserve chair Janet Yellen said the US economy is on the mend but reaffirmed the central bank is prepared to act should it falter. She said the Fed saw the US economy rebounding after a brutal winter that slowed growth. However, Ms Yellen added jobs growth has still not recovered, "A high degree of monetary accommodation remains warranted," she said.

Indonesia - Indonesia has posted its slowest pace of economic growth since 2009, which may put pressure on the government, ahead of July's presidential elections.
Southeast Asia's biggest economy expanded by 5.2% in first three months of the year, which was below the median forecast for 5.6% growth. The weaker-than-expected data follows a series of aggressive interest rate hikes by the country's central bank. Indonesia's economy has also been impacted by slowing foreign investment.
"The general trend in Indonesia over the past couple of years has been one of slowing growth," Daniel Martin from Capital Economics said.

China - Cities in China from Shanghai to Chongqing will grow the most among global metropolises in the next 16 years, according to a study by Oxford Economics Ltd.
By 2030, nine Chinese cities will join the world’s 50 biggest municipal economies, while eight in Europe will drop off the list, showed the paper released this week by the Oxford, England-based advisory firm. Of the 10 forecast to grow the most by gross domestic product, seven are in China, including Tianjin, Beijing, Guangzhou, Shenzhen and Suzhou.
China’s Premier Li Keqiang, who has advocated urbanization as a key to growth, is up against a shrinking pool of rural workers, rising local-government debt and mounting air pollution. Local governments have set up thousands of financing vehicles to fund projects from subways to sewage systems, which account for 80percent of state capital spending and 40percent of tax revenue, the World Bank estimates.