Economic Development

China's economy has largely overcome the Covid-19 crisis and started the new year with record growth. According to the Beijing statistics office, the second-largest economy grew by 18.3 percent in the first three months compared to the first quarter of last year. This is the biggest jump since quarterly evaluations began a good 30 years ago.

The unusually strong growth can be explained by the fact that the Chinese economy slumped sharply last spring due to the Covid-19 pandemic. At that time, the world's most populous country came to an almost complete standstill for several weeks.

Fed Chairman Jerome Powell announced a major policy shift Thursday to "average inflation targeting."

That means the central bank will be more inclined to allow inflation to run higher than the standard 2% target before hiking interest rates.

"Many find it counterintuitive that the Fed would want to push up inflation," Powell said in prepared remarks. "However, inflation that is persistently too low can pose serious risks to the economy."

The government of Armenia has approved a law to ratify an agreement between Japan and Armenia with the aim to develop the economic cooperation of the countries.

According to the agreement Japan will provide a grant for economic and social development purposes worth around $3,7 million. The Armenia government has committed to use the funds to purchase four-wheel ambulances and vehicles to provide remote regions with improved medical care.