Current Affairs - 2nd May 2014

Latest report on world economies by World Bank

As per a recent report by the World Bank, Norway and Switzerland are the most expensive economies of the world followed by Bermuda, Australia and Denmark. 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 world’s largest economy USA is at 25th place.

International Comparison Programme (ICP) report

As per a new data released by ICp report, India has become the world’s 3rd largest economy with US at number 1 and China at no. 2 spot in terms of Purchasing Power Parity (PPP). ICP is a program hosted by the Development Data Group at the World Bank Group. The six largest middle-income economies – China, India, Russia, Brazil, Indonesia and Mexico – account for 32.3 per cent of world GDP, whereas the six largest high-income economies – US, Japan, Germany, France, UK and Italy – account for 32.9 per cent.

International workers day observed on May 1

This day is celebrated by the International labour movement to recognize the efforts and initiatives of the labours.

DRDO receives Dronier aircraft

Dronier Aircrafts (DO-228) produced by HAL have been handed over to DRDO. The aircraft will be used by Bangalore-based Electronics and Radar Development Establishment (LRDE) as flying test bed (FTB) for evaluation of performance of various radars being developed by LRDE.

IMF approves bailout for Ukraine

The IMF is providing a bailout package of $17 bn for the next two years to Ukraine to support the economy of the protest stricken country. The new money includes $3.19 billion to be paid immediately, about $2 billion of which is to provide budget support. The rest is to be paid out in smaller amounts every two or three months, following reviews of Ukraine’s performance in implementing fiscal, financial and economic reforms.