AGL 39.58 Decreased By ▼ -0.42 (-1.05%)
AIRLINK 131.22 Increased By ▲ 2.16 (1.67%)
BOP 6.81 Increased By ▲ 0.06 (0.89%)
CNERGY 4.71 Increased By ▲ 0.22 (4.9%)
DCL 8.44 Decreased By ▼ -0.11 (-1.29%)
DFML 41.47 Increased By ▲ 0.65 (1.59%)
DGKC 82.09 Increased By ▲ 1.13 (1.4%)
FCCL 33.10 Increased By ▲ 0.33 (1.01%)
FFBL 72.87 Decreased By ▼ -1.56 (-2.1%)
FFL 12.26 Increased By ▲ 0.52 (4.43%)
HUBC 110.74 Increased By ▲ 1.16 (1.06%)
HUMNL 14.51 Increased By ▲ 0.76 (5.53%)
KEL 5.19 Decreased By ▼ -0.12 (-2.26%)
KOSM 7.61 Decreased By ▼ -0.11 (-1.42%)
MLCF 38.90 Increased By ▲ 0.30 (0.78%)
NBP 64.01 Increased By ▲ 0.50 (0.79%)
OGDC 192.82 Decreased By ▼ -1.87 (-0.96%)
PAEL 25.68 Decreased By ▼ -0.03 (-0.12%)
PIBTL 7.34 Decreased By ▼ -0.05 (-0.68%)
PPL 154.07 Decreased By ▼ -1.38 (-0.89%)
PRL 25.83 Increased By ▲ 0.04 (0.16%)
PTC 17.81 Increased By ▲ 0.31 (1.77%)
SEARL 82.30 Increased By ▲ 3.65 (4.64%)
TELE 7.76 Decreased By ▼ -0.10 (-1.27%)
TOMCL 33.46 Decreased By ▼ -0.27 (-0.8%)
TPLP 8.49 Increased By ▲ 0.09 (1.07%)
TREET 16.62 Increased By ▲ 0.35 (2.15%)
TRG 57.40 Decreased By ▼ -0.82 (-1.41%)
UNITY 27.51 Increased By ▲ 0.02 (0.07%)
WTL 1.37 Decreased By ▼ -0.02 (-1.44%)
BR100 10,504 Increased By 59.3 (0.57%)
BR30 31,226 Increased By 36.9 (0.12%)
KSE100 98,080 Increased By 281.6 (0.29%)
KSE30 30,559 Increased By 78 (0.26%)

New World Bank chief Jim Yong Kim warned Monday that the eurozone financial crisis poses a deep risk for the global economy and said it was urgent that European countries act to restore stability. In a statement marking his first day on the job, Kim said the world's economy "remains highly vulnerable." The World Bank has "an economic and moral imperative to help address risks to global growth, no matter where they emerge," he said.
"A strong global economy benefits all countries; a weak global economy makes all countries vulnerable. "It is urgent that European countries take all necessary measures to restore stability because their actions will impact growth in all regions of the world.
Kim, a physician and global health specialist who was chosen over two respected economists for the position, said his immediate priority leading the global lender would be "to help developing countries maintain progress against poverty in these volatile times."
"I will work with our clients and partners to ensure that we are creating a new economic firewall: one that protects people in developing countries against shocks." "I know from my work in poor communities around the world that, when a crisis hits, and no safety net is in place, the effects can be devastating."
His focus on threats spilling out of the eurozone echoed his predecessor, Robert Zoellick, who repeatedly in recent months stressed the danger posed by the euro crisis and indecisiveness by European leaders to the rest of the world. "We're waiting for Europe to tell us what it is going to do," Zoellick said during the Group of 20 summit in Los Cabos, Mexico, in mid-June, which was focused on getting concrete action in Europe. "Markets can manage risks that they're well aware of. The danger we're creating is that the pattern of policy making is increasing uncertainty and making markets more nervous, which has a negative feedback," he warned.

Copyright Agence France-Presse, 2012

Comments

Comments are closed.