17 Apr '11, 2am

More perils ahead for economy, says World Bank, IMF

More perils ahead for economy, says World Bank, IMF

WASHINGTON: Global finance chiefs warned Saturday that rising food prices, unanswered joblessness, Mideast turmoil and weak finances in advanced economies could still derail economic recovery. "We are one shock away from a full-blown crisis," said World Bank president Robert Zoellick about the surge in basic food prices. "The financial crisis taught us that prevention is better than cure. We cannot afford to forget that lesson," he said at the close of the annual spring meetings of the World Bank and International Monetary Fund. The Bank also warned that a worsening of conditions in the Middle East and North Africa "could derail global growth." "If oil prices were to rise sharply and durably... global growth could slow by between 0.3 and 1.2 percentage points in 2011 and 2012, respectively," the development lender added in a statement. Zoellick called for quick Bank action...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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