PM Manmohan Singh tells UN world economy 'in trouble'

Prime Minister Manmohan Singh said on Saturday he was worried that the world economic crisis was deepening, posing threats to developing countries and the global financial system."The world economy is in trouble," he said in an address to the annual United Nations General Assembly."The shoots of recovery which were visible after the economic and financial crisis of 2008 have yet to blossom. In many respects the crisis has deepened further," he said.Singh, an economist and former finance minister who spearheaded the reform of India's economy, said economic slowdown in traditional engines of world growth in the West and Japan were hurting confidence in world financial markets. "These developments are bound to have a negative impact on developing countries which also have to bear the additional burden of inflationary pressures," he said.