Justin Lin, chief economist at the World Bank, has warned developing countries to make provisions for another period of recession as there is a danger of this occurring should the fiscal problems in the eurozone continue to grow.
Speaking today (18 January) following the publication of a report in which the World Bank cut significantly cut its global economic growth predictions for the coming year, Mr Lin noted Europe is probably already in recession.
The official stated that while the crisis appears to be "contained", the "risk of a global freezing-up of the markets and as well as a global crisis similar to what happened in September 2008 are real".
Recently, the International Monetary Fund announced it is to review the financial health of 18 countries in 2012, including France and Japan.
By Asim Shah