World Bank calls for IMF supranational oversight
“2009 will be a dangerous year,” Zoellick said. “We need to be devising solutions to problems that draw together the resources and skills of multiple partners — governments, international institutions, civil society, and the private sector.”
Growth in China this year is projected to slow to 6.5 percent after its economy expanded 9 percent in 2008, the bank’s report today said. India’s economy is expected to slow to a 4 percent rate of expansion in 2009, down from projections for 5.8 percent expansion in the previous report.
Zoellick also called on the International Monetary Fund to be given a monitoring role to review the stimulus packages pledged by governments, and call for further action “if necessary,” as Group of 20 leaders meet in London this week.