Economic Growth, Global Economy | featured news

China delivered a surprise interest rate cut on Thursday to combat faltering growth, underlining concern among policymakers worldwide that the euro area's deepening crisis is threatening the health of the global economy.

Brazil's central bank lowers its forecast for economic growth to less than half of last year's, partly blaming the slowing global economy.

The inflation is still high, and the 10% annual growth rate of the last decade is going to wither to under 5% by 2014 or so, according to the Economist. The innovation necessary to boom a consumer economy is questionable. The state banks have probably been loaded with questionable loans.

The International Monetary Fund cut its forecast for U.S. economic growth on Friday and warned Washington and debt-ridden European countries that they are "playing with fire" unless they take immediate steps to reduce their budget deficits.

President Obama urged other world leaders Wednesday to reduce their reliance on exports to the United States to drive their economic growth, stressing a need to resolve global imbalances such as China's huge trade surplus.

China had tried to temper expansion and the price rises that accompany excessively rapid growth.