The President of the World Bank, Robert Zoellick, has warned that the world is \u201cone shock away from a full-blown crisis.\u201d Zoellick cited rising food prices as the main threat to poor nations which risk \u201closing a generation.\u201d<\/p>\n
He was speaking in Washington at the end of the spring meetings of the World Bank and the International Monetary Fund (IMF).<\/p>\n
Meanwhile, G20 finance chiefs, who also met in Washington, pledged financial support to help new governments in the Middle East and North Africa.<\/p>\n
He said, \u201cThe crisis in the Middle East and North Africa underscores how we need to put the conclusions from our latest world development report into practice. The report highlighted the importance of citizen security, justice and jobs.\u201d He also called for the World Bank to act quickly to support reforms in the region.\u201cWaiting for the situation to stabilize will mean lost opportunities.<\/p>\n
In revolutionary moments the status quo is not a winning hand.\u201dAt the Washington meetings, turmoil in the Middle East, volatile oil prices and high unemployment were also discussed.<\/p>\n
The IMF Chief, Dominique Strauss-Kahn raised particular concerns about high levels of unemployment among young people. \u201cIt\u2019s probably too much to say that it\u2019s a jobless recovery, but it\u2019s certainly a recovery with not enough jobs,\u201d he said. \u201cEspecially because of youth unemployment\u2026 there is now a risk that this will be turned into a life sentence and that there is a possibility of a lost generation,\u201d he said.<\/p>\n<\/div>\n
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World Bank Predicts Full-Blown Economic Crisis - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/04\/20\/world-bank-predicts-full-blown-economic-crisis\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"World Bank Predicts Full-Blown Economic Crisis - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"The President of the World Bank, Robert Zoellick, has warned that the world is \u201cone shock away from a full-blown crisis.\u201d Zoellick cited rising food prices as the main threat to poor nations which risk \u201closing a generation.\u201d He was speaking in Washington at the end of the spring meetings of the World Bank and the International Monetary Fund (IMF). Meanwhile, G20 finance chiefs, who also met in Washington, pledged financial support to help new governments in the Middle East and North Africa. 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