India likely to add 110 million workers to global labor force over ten years

The changing demographics could add four percentage points of GDP growth to India's economy which is already expanding by more than eight percent, the Goldman Sachs report added. It said manufacturing could create the jobs needed to absorb the rise in the workforce, but the country will need a “massive overhaul of its archaic labor laws and (make) a heavy investment in education and skills training.”

The report estimated that between now and 2030, India's labor force would mushroom by at least 210 million.

South Korea's current account surplus hit one-year high in June

SEOUL, AFP

South Korea's current account surplus reached a one-year high in June as exports of ships and other major products remained robust, the central bank said Wednesday. The surplus was US$5.04 billion in June, up from a revised 3.82 billion the previous month and the largest surplus since US$5.38 billion in June 2009, the Bank of Korea said in a statement.

The current account — the broadest measure of trade with the world — was in the black for the fifth straight month in June, lending support to the won which has fallen about one percent against the dollar so far this year.

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