World Bank chief on financial crisis

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Source: CCTV.com | 11-22-2008 10:56

World Bank president Robert Zoellick says the financial crisis will soon become an unemployment crisis. Speaking in Paris, he also warns of threats to the social structure of many countries.

World Bank president Robert Zoellick says the financial crisis will soon become an unemployment crisis.

The world bank chief says the financial crisis has become an economic downturn which will lead to an unemployment crisis.

Zoellick warns this will further worsen the food and fuel crisis that causes human suffering in much of the world.

He says high levels of unemployment could lead to social discontent and the poorest were the most vulnerable.

Zoellick says the situation will affect both developed and developing countries.

Robert B. Zoellick, World Bank president, said, "people start out with a sense of confusion and then there's a sense of frustration about this occurring, then frankly there is anxiety and fear, and then it can also spill out into anger."

As for the World Bank's position, Zoellick says his institution must respond to countries' needs.

Robert B. Zoellick said, "This is a very difficult period ahead and we're on ground that people have not walked before and one of the things you have to expect is the unexpected. For us as a large international institution, it poses challenges for us, because, you know, we're a large bureaucracy, we try to move faster and be more responsive to clients, try to help solve problems."

However, Zoellick notes the institution and global leaders are facing challenges that were unseen before.

Editor:Liu Fang