BUSINESS

World Bank president said the crisis is just “one shock away”

The president of the World Bank (WB), Robert Zoellick, has warned that the  world is “one shock away from a fullblown crisis”, BBC News informs. Attending a meeting in Washington of the World Bank and International Monetary Fund (IMF), he said that the main threat to poor nations is the  continuing rising of the food prices. Meanwhile, The Group of Twenty (G20)  finance chiefs, who also met in Washington, pledged financial support to  help new governments in the Middle East and North Africa. Zoellick said  such support was vital. “The 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  itizen security, justice and jobs,” he said. He also called for the World  Bank to act quickly to support reforms in the region.

At the Washington  meetings were also discussed turmoil in the Middle East, volatile oil prices  and high unemployment. IMF chief Dominique Strauss- Kahn raised  particular concerns about high levels of unemployment among young  people. “It’s probably too much to say that it’s a jobless recovery, but it’s  certainly a recovery with not enough jobs,” he said.

“Especially because of  youth unemployment… there is now a risk that this will be turned into a life  sentence and that there is a possibility of a lost generation,” Strauss-Kahn  said.

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