Growth estimates in the second quarter of 2010 were revised up during August. The new figures now show the UK growing at its fastest quarterly rate since the first three months of 2001. The rise was lead by the construction industry which grew at 8.8% signalling a stronger than expected recovery in housing.

According to the International Monetary Fund the world economy will expand by 4.6% this year as opposed to 4.2% which they had previously predicted. If this does come to fruition, it will be the largest gain since 2007.

The IMF also commented that the US and Canada have led the advanced economies out of the worst recession since the last World War; this has also been helped by three of the BRIC countries Brazil, China and India: their faster expansion are helping the global recovery.

Having been a very populated developing country over the last 30 years, Vietnam has had to recover from the damages of war and the loss of financial support from the old Soviet Bloc. Vietnamese authorities have renounced their commitment to economic liberalization and international integration. They have moved to put into practice the structural reforms needed to modernize the economy and to produce more competitive export-driven industries.

In what was perhaps the most leaked budget in history, the Conservative Chancellor George Osborne released a series of cuts and tax rises which add up to the biggest public spending cuts seen in a generation.

However given the headlines and government statements made since the General Election, most pundits are looking on the emergency budget as ‘not that bad’. The main tax rise 2.5% on VAT was widely anticipated and came as no shock when the Chancellor announced it.