David Cameron on global economy
David Cameron warns 'red warning lights are flashing on the dashboard of the global economy'Suzanne Plunkett/Reuters

Prime Minister David Cameron has warned that another global economic crisis could be in the offing.

Writing in the Guardian newspaper, he said: "Red warning lights are flashing on the dashboard of the global economy."

The comment follows the conclusion of the two-day G20 summit in Brisbane which called for boosting economic growth across the world.

The conflicts in the Middle East and Russia's increased military activities topped by the Ebola outbreak in African nations have all been "adding a dangerous backdrop of instability and uncertainty" impacting Britain's recovery, said Cameron.

"The eurozone is teetering on the brink of a possible third recession, with high unemployment, falling growth and the real risk of falling prices too. Emerging markets, which were the driver of growth in the early stages of the recovery, are now slowing down."

At the G20 summit, Australian Prime Minister Tony Abbott had said the world economy would grow by 2.1% if the agenda adopted by world leaders is implemented.

The International Monetary Fund has said if growth-oriented policies are adopted, as much as $2 trillion would be injected into the economy.

IMF Managing Director Christine Lagarde had also warned in Brisbane that sluggish economic growth and unemployment could become the "new normal" of European nations if the situation was not addressed.

Although Britain is the fastest growing economy among the G7 nations, Cameron, in his Guardian piece, argued: "The reality is, in our interconnected world, wider problems in the global economy pose a real risk to our recovery at home. We are already seeing that, with the impact of the eurozone slowdown on our manufacturing and our exports."

Labour: No excuses

Responding to Cameron's article, Labour said he must stop "making excuses" for sluggish growth.

Shadow Chief Secretary to the Treasury Chris Leslie said: "David Cameron should be trying to strengthen growth and make sure working people finally benefit from it, not making excuses for slower growth.

"Only Labour's economic plan will deliver a recovery for the many, not just a few at the top. And we'll balance the books, but do so in a fairer way by reversing David Cameron's tax cut for millionaires."