Restoring confidence in the sputtering U.S. economy is at the heart of recent moves to shore up the nation’s lagging financial and housing markets, a University of Illinois economist says.

The U.S. Commerce Department said Wednesday the economy grew at a rate of 0.6 percent in the first quarter of 2008, stronger than expected, but still weak.

Economic growth in China fell slightly in the first quarter of the year despite concerns about a global economic downturn. At the same time, inflation remains a problem for the country. Jamila Trindle reports from Beijing.

The IRS is working on the issuance of stimulus payments to 115 million Americans this spring and summer that will boost the economy and get money into the hands of the Americans quickly.

In contrast to the fears of recession in the United States, Australia's Federal Treasury still believes Australia's problem is too much growth.

In India, questions are being raised over how a possible economic downturn in the United States will impact India's fast-growing economy. India's economy is expected to slow down slightly, but continue to grow at a healthy pace in the coming year.

President Bush says he is confident tax incentives and tax rebates will make the U.S. economy "stronger than ever before." The president and Congress agreed on a temporary stimulus plan last month after rising energy prices and falling property values slowed economic growth.

China aims to have another 50 million people employed in the coming five years, Premier Wen Jiabao said in Beijing on Tuesday.

Investor confidence in Germany unexpectedly rose for a second month in March, adding to evidence Europe's largest economy is coping with the euro's appreciation and a U.S. slowdown.

The European Central Bank has lowered its growth forecast for the eurozone in 2008 by a small margin.

Since economic reforms began in the late 1970's, China's push to become a major industrial power has put a tremendous strain on its environment. Pollution-related problems, from acid rain to contaminated rivers, are now commonplace in China. Authorities in Beijing have taken measures to try to improve environmental protection, but as Naomi Martig reports from Hong Kong, most analysts agree they are not enough.

In its grouping of the world’s 30 most developed economies, the Organisation for Economic Cooperation and Development, pushed Sweden further up its scale.