The bank cut its global forecast from 3.4pc to 2.5pc for 2012, warning that the eurozone has already fallen into recession and is likely to contract by 0.3pc this year.

Wheat prices climbed after the International Wheat Council reduced its global forecast for the crop.

Dr. Michael concludes that global forecasts of earthquakes and the damage they inflict should use the longest possible historical record, rather than just the record from the recent past.

United States weather forecasters are lagging significantly behind their European counterparts in the international competition to improve global forecasts, according to meteorologists on both sides of the Atlantic.

Until December, Britain's center, the United Kingdom Meteorological Office, also produced more reliable global forecasts than did the United States.

The Goldman global economic forecast was one basis for Ms. Cohen's earnings forecast.

For example, Oceanweather Inc. provides global operational forecasts and hindcasts of the sea state.

Making a global forecast based on oil prices is risky, Mr. Roach acknowledged.

ECMWF's strategy underlines its commitment to maintaining the current rapid rate of improvement of its global medium-range forecasts and products.

If the euro area debt crisis deepened, global economic forecasts would be significantly lower.