BoE's Haldane says world economy could slow but unlikely to contract

JAN 26, 201611:04 PM

[LONDON] While the world economy could slow as Chinese output moderates, it is unlikely to contract, Bank of England chief economist Andy Haldane told a local newspaper on Tuesday.

China has been at the centre of concerns about a slowdown in emerging markets and of the volatility that has plagued financial markets since the beginning of the year.

"Do I think there is a big risk of us being tipped into negative growth in the world economy? That strikes me as quite unlikely as things sit today," Haldane told the Express and Star, a newspaper from Wolverhampton in England's midlands.

"We would have to fall a long way, or something very untoward would have to happen for that to fall into negative territory."

He also said Britain's economy continued to grow "pretty steadily".

REUTERS