(SYDNEY) -- The President of the World Bank was not reserved in his evaluation of the world markets Sunday at the Asia Society's annual dinner in Sydney, Australia.
World markets have entered a “new danger zone,” Robert Zoellick warned, according to BBC News.
Zoellick said the global economy was going through a “multi-speed recovery,” and highlighted that developing countries will be key resources for future growth and opportunity as investors have already lost confidence in current economic leadership in key countries.
Zoellick pointed fingers at the U.S., whose debt rating downgrade by Standard and Poor’s shook investor confidence on a global scale, and has been attributed to the massive falls of global stock markets.
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