This reflects growing sentiment that years after the start of a major recession conditions could continue to deteriorate, the World Bank president said. His organization is a key player in the global economy, with its website noting it offers "financial and technical assistance to developing countries."
"I think that those events combined with some of the other fragilities in the nature of the recovery has pushed us into a new danger zone," Zoellick said. "And I don't say those words lightly."
Zoellick, a former U.S. Trade Representative in the administration of President George W. Bush and later an executive at the investment giant Goldman Sachs, added that it was important for countries "to get ahead of" their debt problems rather than pursue patchwork solutions.
He elaborated to Australia's ABC News that a long-term solution "requires attention to some of the fundamentals" -- not just tackling government debt but also bolstering economic competitiveness and spurring growth.
"Unless the economic leadership gets ahead of the problem in its different dimensions, you'll see the lack of confidence ... spread," Zoellick said.
He warned that nations that otherwise should be able to weather the economic storm, like Spain or Italy, could find themselves in trouble.
heavy hula hoop
ANSI safety gear
