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Summary More dangerous times will be ahead for the global economy, say WB chief.
Amid the ongoing financial crisis in the United States, World Bank (WB) President Robert Zoellick has warned that more dangerous times will be ahead for the global economy.“In the past couple of weeks, the world has moved from a troubled multi-speed recovery to a new and more dangerous phase, he said. He also said the eurozones sovereign debt issues were more troubling than the medium and long-term problems that led to the downgrading of the USs rating by the credit ratings agency, Standard & Poors last week.The head of the World Bank urged the European leaders to approach their debt problems with a greater sense of urgency. He also questioned whether troubled European nations could ever get ahead of the problems that have plagued them.Zoellick pointed out that the world is now involved in redesigning the international financial system and that power is moving rapidly to fast-growing nations like China.
