Baku - APA-Economics. The World Bank on Tuesday warned developing countries to boost their defenses against Europe’s debt crisis, predicting years of volatility in a flailing global economy. Warning the situation in Europe could worsen, the World Bank said in a report that developing nations should prepare for tougher times by reducing short-term debt, cutting budget deficits and moving to a more neutral monetary stance so that policies can be loosened quickly if needed.
"Global capital market and investor sentiment are likely to remain volatile over the medium term - making economic policy setting difficult," said Hans Timmer, director of development prospects at the World Bank.
The banks said that renewed uncertainty in the eurozone had led to a sharp deterioration in financial conditions in May.
World Bank: Developing nations should prepare for volatility
14 June 2012 10:57 (UTC +04:00)
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