World Bank Head Zoellick: World Economy Is still Shaky

World Bank President Robert Zoellick (R) met with the President of Chile, Michelle Bachelet (L), in La Moneda Palace, Santiago. Photo by BGNES

The world economy is still in a precarious position despite signs of recovery.

World Bank President, Robert Zoellick, states so in Chile prior to a meeting on the global economy with Latin American finance ministers on Friday.

Unemployment is still rising and trade restrictions are a constant threat, he said.

"The recovery will not be as quick as one would hope. The world economy still faces significant uncertainties. What is clear at this point in the crisis is that there is not enough public capital to deal with all the problems. One of our challenges is how we re-engage the public sector. This is the moment for the World Bank to step up and help", he told news media after meeting with Chilean President, Michelle Bachelet.

Zoellick said that the financial needs of developing countries "remain very large," from USD 350 B to USD 635 B. Latin America alone needs USD 150 B to USD 180 B.