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.