The Economic Corner: Can Australian economy grow this year at its fastest pace since 2007?

Hello everyone, this is Sage, welcome to the Kalkine TV and you are watching The Economic Corner where we update you on all the biggest global economic announcements.

The first economic update for the day comes from the Reserve Bank of Australia. Minutes of the RBA April policy meeting showed that Australia's economic recovery has surpassed all expectations with an "above-trend" expansion likely this year and next, though the country's central bank is still in no hurry to tighten policy settings. The Reserve Bank of Australia or the RBA left rates at a record low 0.1% at its April 6 meeting while reiterating its commitment to keep policy accommodative for as long as is necessary to pull down unemployment and push inflation higher.

Another major news coming in from the United States, according to the state department, the United States is very concerned about Russia's plans to obstruct international naval and state vessels in areas of the Black Sea.

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