Key Economic News to Watch This Week: May 20

This week offers the first major gauge of the health of the global economy in 2013, with huge implications for policymakers and investors for the second half of the year. Disappointing manufacturing and services data in April, particularly in the eurozone, U.S. and China, suggest a slowing economic recovery after a weak end to 2012.

Monday, May 20

This week offers the first major gauge of the health of the global economy in 2013, with huge implications for policymakers and investors for the second half of the year. Disappointing manufacturing and services data in April, particularly in the eurozone, U.S. and China, suggest a slowing economic recovery after a weak end to 2012.

Monday, May 20

Chinese Premier Li Keqiang visits India and Pakistan, his first foreign trip since taking office. China and India were involved in a border stand-off this month and bilateral relations have been chilly following a brief but bloody border war in 1962.

President Obama meets Myanmar President Thein Sein at the White House, the first visit of the Burmese leader since diplomatic relations between the two countries were restored last year after more than two decades.

Related: Myanmar – Asia’s Next Tiger?: Dan Steinbock

Tuesday, May 21

U.S. Secretary of State John Kerry makes an official visit to Israel and Palestine to meet both head-of-states for peace talks. Negotiations have been stalled since late 2008.

Related: China Pushes For Fresh Israel-Palestine Peace Talks

Related: Israel Cuts off $118 Million in Tax Funds to Palestine after UN Vote

Apple’s chief executive, Timothy Cook, testifies before Congress about the company’s offshore taxes. Apple has nearly $41 billion in earnings outside the U.S. on which it has not paid U.S. taxes.

Afghan President Hamid Karzai visits India for two days to discuss security and deepen economic ties.

Wednesday, May 22

Germany and France unveil a joint proposal, New Deal for Europe, aimed at alleviating youth unemployment. Chancellor Angela Merkel sees youth unemployment as possibly the most serious challenge facing Europe at this time and the European Investment Bank may unlock billions of euros in loans to companies that create jobs for young people.

European Union leaders gather in Brussels to discuss energy and tax issues against the backdrop of a weakening economy and record unemployment. They will probably call for a study of energy prices and costs facing households and energy-intensive industries at the one-day summit.

Thursday, May 23

Mario Draghi, president of the European Central Bank, speaks on “The Future of Europe in the Global Economy”.

Related: Eurozone Recovery Expected in Mid-2013: Draghi

Related: Growing Disillusionment as Crisis Wears Down Support for EU: Study

Friday, May 24

More than 1,000 officials and experts gather in Jordan for the World Economic Forum on the Middle East and North Africa.

Saturday, May 25

Bayern Munich meets Borussia Dortmund in an all-German final of the Champions League.