Israel economy shrinks for first time in more than 5 years

Israel’s economy contracted for the first time in more than five years in the third quarter, as growth was hit by the effects of a war with Islamist militants in Gaza. Gross domestic product fell 0.4 percent in the July-September period, the Central Bureau of Statistics said on Sunday.

David Cameron warns of looming second global crash

David Cameron has issued a stark message that “red warning lights are flashing on the dashboard of the global economy” in the same way as when the financial crash brought the world to its knees six years ago. Writing in the Guardian at the close of the G20 summit in Brisbane, Cameron says there is now “a dangerous backdrop of instability and uncertainty” that presents a real risk to the UK recovery, adding that the eurozone slowdown is already having an impact on British exports and manufacturing. His warning comes days after the Bank of England governor, Mark Carney, claimed a spectre of stagnation was haunting Europe.

5 reasons to worry about the world economy

There’s little reason for cheer in Europe. While Germany narrowly avoided a recession in the third quarter, the latest numbers show the $13 trillion eurozone economy is stuck in first gear. High unemployment, high debt and a lack of investment continue to hold the region back.