WORLD BANK/ ZOELLICK

At the opening of the World Bank/IMF Annual Meetings, World Bank President Robert Zoellick said that the economic crisis in the developed world could become a crisis for developing countries. Europe, Japan and the United States must address their problems before they become bigger problems for the rest of the world. "Not to do so is irresponsible." WORLD BANK

• Categories: News & Features / News Stories / Unifeed
• Video Length: 00:02:16
• Production Date: 22 September 2011
• Asset Language: Original
• Corporate Name: WORLD BANK
• Subject Topical: ECONOMIC DEVELOPMENT; FINANCING; ECONOMIC CONDITIONS
• MAMS Id: U110922l

Description

STORY: WORLD BANK / ZOELLICK
TRT: 2:16
SOURCE: WORLD BANK
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS

DATELINE: 22 SEPTEMBER 2011, WASHINGTON DC

Shotlist

1. Wide shot, exterior, World Bank
2. Wide shot, World Bank President Robert Zoellick seated at press conference
3. Close up, photographers
4. SOUNDBITE (English) Robert Zoellick, President, World Bank Group:
“The world is in a danger zone. In 2008, many people said they did not see the turbulence coming. Leaders have no such excuse now. Some developed country officials sound like their woes are just their business. Not so. I still think that a double-dip recession for the world’s major economies is unlikely. But my confidence in that belief is being eroded daily by the steady drip of bad news. A crisis made in the developed world could become a crisis for developing countries. Europe, Japan, and the United States must act to address their big economic problems before they become bigger problems for the rest of the world. Not to do so is irresponsible.”
5. Cutaway, press
6. SOUNDBITE (English) Robert Zoellick, President, World Bank Group:
“While developed countries stumble, the situation for emerging markets may be changing for the worse. Since August, we have seen bond spreads for emerging markets increase, their equity markets have declined like those in developed markets, and capital flows have declined sharply.”
7. Cutaway, press
8. SOUNDBITE (English) Robert Zoellick, President, World Bank Group:
“A fall in developing countries’ domestic demand would mean we’d lose their economic engines as drivers of global recovery. Developing countries are not as well-placed as they were in 2008 to withstand another shock. Their budgets are not so robust that they can simply spend their way out of trouble; some are walking a monetary policy tight rope, balancing price pressures and these new dangers. Add in volatile and high food prices – a particular burden on the poor in developing countries – and the threat of rising protectionism, and you can see that developing countries face increasing headwinds.”
9. Cutaway, press
10. Med shot, Zoellick leaving press conference

Storyline

World Bank President Robert Zoellick said that “the world is in a danger zone.”

Speaking at press conference today at the opening of the World Bank / IMF annual meetings, Zoellick said that the economic crisis in the developed world “could become a crisis for developing countries” and that Europe, Japan and the United States must address their problems before they become bigger problems for the rest of the world. “Not to do so is irresponsible” he said.

Developing countries up until recently have been the “bright spot” in the global economy, providing around half of the global growth while Europe, Japan, and the United States have struggled with high debts and high unemployment.

Zoellick said that now emerging markets “may be changing for the worse,” endangering economic recovery around the world, adding that falling exports were “already a worry,” and that falling markets and declining confidence could prompt slippage in developing countries’ investment and a pullback by their consumers, too.”

He warned of the threat of rising protectionism saying that developing countries were not as well-placed as they were in 2008 to “withstand another shock.”