US economic growth slows sharply in first quarter

We are going to devote a lot of the programme to the world 's largest economy. Rahul Tandon hears about the United States economic growth slowing in the last three months. Recent GDP figures show the US economy grew at an annualized rate of 1.1%. That’s down from 2 point 6 percent at the end of last year but does show growth despite fears over a recession. The US House of Representatives on Wednesday narrowly passed a bill to raise the government's $31.4 trillion debt ceiling which includes sweeping spending cuts over the next decade. But it is unlikely to pass the Senate. Shares in First Republic continue to be volatile as concerns continue over its future. The bank earlier this week announced that it has seen more than 100 billion dollars of withdrawals.