The Niesr report warned that the UK risked faltering growth for the rest of this year.
It cannot relax its grip on lending and deposit rates and it cannot direct the banks to begin another round of lending to restart faltering growth.
The European Central Bank has raised interest rates a quarter point to 1.5pc to curb inflation and signalled more to come, despite faltering growth in southern Europe and acute stress in peripheral bond markets.
The Pakistan People's Party, which led the government for the past five years, faces a difficult challenge in the upcoming national election expected in May because of anger over faltering economic growth, worsening energy shortages and continued attacks by militants.
Still, faltering global economic growth is a clear sign that the gigantic deleveraging I have been writing about is still going on.
Xinhua news ageny reported that the government will be reluctant to tighten further given that the faltering global economy could impact on growth in China, said Liu Ligang, director of economic research department of ANZ Greater China.
FORBES: China Inflation Hits New 3-Year High; Will Govt Raise Rates?
"The retreat in consumer price inflation in June boosts the case for the Bank of England to hold fire on interest rates for many more months to come to give the fragile, faltering economy every chance to develop growth momentum, " said Howard Archer, economist at IHS Global Insight.
China is the world's largest consumer of base metals such as copper, and any signs that growth in the region is faltering tend to be taken negatively by investors.
Slow progress in reforms to address industrial bottlenecks, a restrictive monetary policy and faltering demand from advanced nations have slowed India's economic growth to its lowest in a decade.
Last week, disappointing economic growth data for the first quarter added to fears of a faltering recovery.
And growth will slow inexorably unless several serious structural weaknesses are fixed, including a faltering education system, low workforce participation and a sometimes sclerotic public sector.
Mr. Musharraf has promoted himself as an experienced politician who can save the country's faltering economy: During his nearly decadelong rule, he presided over a period of steady economic growth.
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