As an emerging center of world power, Asia must take the lead in finding solutions to crises such as the surge in fuel and food prices because global institutions such as World Trade Organization are proving to be impotent, business leaders said Sunday.

OTTAWA - Canada's economy will slump sharply this year and plunge some governments into a deficit, but still manage to avoid a recession, says the Organization for Economic Co-operation and Development.

WELLINGTON, Aug 28 (Reuters) - New Zealand's economy is facing serious challenges caused by tight global credit conditions and soaring commodity prices, Finance Minister Michael Cullen said on Thursday.

JACKSON, Wyo. (AP) — Federal Reserve Chairman Ben Bernanke said Friday the financial crisis that has pounded the country — coupled with higher inflation — is taking a toll on the economy and poses a major challenge to Fed policymakers as they try to

(Adds comments on likelihood of serious downturn, state of global economy.) NAGOYA, Japan -(Dow Jones)- Japan's economy may remain sluggish for the time being but will probably avoid a serious downturn, the Bank of Japan's governor said Tuesday.