Tuesday, June 16, 2009

Former World Bank chief James Wolfensohn warns 'The worst is yet to come'

Been reading the mixed predictions on the current economic turmoil....

'The worst is yet to come'

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In an exclusive interview, former World Bank chief James Wolfensohn warns that the global economy is facing a long, steep road to recovery. And in the Middle East, the spectre of youth unemployment represents a grave threat to the development of Arab nations.

When you get to a certain age, you tend to be more pessimistic," says James Wolfensohn, raising a rueful smile, and leaning forward conspiratorially in his chair. "I am apprehensive, I have to say. It just doesn't feel to me yet that we're through this crisis; I don't think that we've seen the worst."

At 75 years of age, Wolfensohn has certainly earned the right to be pessimistic. And having spent ten years as president of the World Bank, between 1995 and 2005, he has also earned enough respect to ensure his wariness will be heeded by economists and policymakers across the globe.

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