Argentina’s economy grew 8% in May, down from 11.5% in May 2005, but up from 6.3% in April. The month-on-month rise in GDP in May 2006 is valued at 1.1% in seasonally-adjusted terms. In 2005 Argentina’s GDP grew 9.2% year-on-year, registering a third consecutive year of recovery after the recession, when the country’s GDP contracted by 10.9% in 2002.
A strong currency, a budget deficit at a maximum of 30 billion zloty, and public finance reform, housing and road construction, energy security, and the fuller use of EU funds are the economic priorities of Poland's new government, according to newly installed prime minister Jaroslaw Kaczynski. "Strong Polish zloty conditions our economy's success, therefore guarding it will the priority of our government," he said.
Kaczynski also announced a bill to reform Poland's public finance system by the end of 2006.
Standard and Poor’s reported that though the political situation has affected the Thai economy it would not downgrade the country's rating, BBB+ with a stable outlook. With elections expected by tye end of the year, the economy should get back on track. The economy is expected to grow between 4% and 5% this year, compared to 4.5% in 2005. Prime Minister Thaksin Shinawatra is currently leading a caretaker Cabinet, after dissolving the Parliament in February. The snap election called by in Shinawatra in April was widely boycotted and later nullified. New elections will now be held in October.
South Korea's Finance Ministry reported that the country recorded a budget surplus of 5.03 trillion won during the first five months of the year. The ministry attributed the surplus to the economic recovery, which helped increase tax revenues. South Korea reported a budget deficit of 3.69 trillion won during the first five months of 2005.