Global economic weakness more persistent-BoE's Dale

The weakening of the global economy looks more persistent than first thought and the Bank of England may have to consider further monetary stimulus if the situation worsens further, the BoE's chief economist said in a newspaper interview.

Growth was slowing in Britain's main trading partners and the confidence of the country's exporters has taken a knock, Spencer Dale told the Daily Mail in an interview published on Thursday.

Bank of Israel Cuts Growth Forecast on Global Economy Risk

The Bank of Israel cut its forecasts for economic growth this year and next, citing increased uncertainty about the global economy and a decline in the rate of growth in world trade.

Uncertainty regarding the continuation of the global economic recovery increased significantly since the previous forecast was prepared, at the end of July, which was published as part of the Monetary Policy Report for the first half of 2011. Investment banks and international entities are revising their forecasts downward, under the assessment of an increased probability of a global recession, even if one not as strong as in 2008–09. In its September outlook, the International Monetary Fund (IMF) pointed to two developments on which it based these estimates.

Global Economy is Rebalancing Down; U.S. is Short-Funding Persistent Budget Deficit According to BNY Mellon's Hoey

LONDON and NEW YORK, Sept. 28, 2011 /PRNewswire via COMTEX/ -- The global economy is rebalancing down, as the stresses on the developed economies have increased. Odds therefore favor a global growth recession rather than a full-scale global recession, according to BNY Mellon Chief Economist Richard B. Hoey in his September 2011 Economic Update.

"The key to the global economic outlook is whether the resolution of the European financial stresses evolves in an orderly, semi-orderly or disorderly way," Hoey states. "We expect a semi-orderly pattern, which should be consistent with a global slowdown at a subdued pace rather than a full-scale global recession."

Global food security at risk: Thai rice subsidy could cause price turbulence

BANGKOK: A populist policy aimed at boosting the incomes of Thai farmers has raised fears of global rice price turbulence, and experts say the kingdom could just be hurting itself.

Thailand, the world’s biggest rice exporter, has vowed to boost the minimum price farmers receive by buying unmilled rice directly at 15,000 baht ($485) per ton from October. The current price is about 10,000 baht.

Global economic crisis threatens UK, says Balls

The UK economy faces a lost decade of economic stagnation due to the ‘deepening crisis’ in the world economy, shadow chancellor Ed Balls warned the Labour Party conference today.

He called on the government to implement a five-point plan to boost demand in the economy, including reversing January’s VAT rise and bringing forward more infrastructure development.

Global economy weekahead: From a soft patch to quicksand

The global economy was supposed to be better by now.

Just a few months ago, the prevailing wisdom was that growth was going through a "soft patch" caused by a combination of Japan's earthquake and unrest in the oil-producing Middle East. Once global supply chains got back to normal and oil prices receded, the second-half recovery could begin.

World powers seek to contain Europe debt crisis

WASHINGTON — Global finance officials pledged on Saturday to take bolder moves to confront a European debt crisis that threatens to plunge the world into another deep recession. But sharp disagreements about exactly what to do can't offer much reassurance to markets rocked by uncertainly in recent weeks.

The United States and other countries outside of Europe fear the economic fallout at home from the European crisis. They are raising the pressure on Europeans to settle their differences and agree on a plan to rescue heavily indebted European countries.