'Shifts' occur during eurozone debt crisis

Updated: 2012-01-28 23:44


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DAVOS, Switzerland -- Emerging markets are no longer looking to developed economies for solutions but are taking their own steps, said President of the World Bank Robert Zoellick on Saturday.

"Significant shifts" have taken place during the eurozone debt crisis, not only in economic numbers, but also in perceptions and attitudes, Zoellick said at a panel session during the Annual Meeting of the World Economic Forum in Davos.

"What I see in the world economy now is that emerging markets are certainly not waiting for the developed world to get their act together, because they are taking their own steps," he said.

Noting that there were already "weariness and fatigue that starting to run into the political system," Zoellick called for confidence over the economy. There are "lots of capitals to invest" and "lots of possibilities," he said.

But he warned, "Some of the populism, creeping protectionism, anxiety about the possibility for investment attacks confidence and creates the danger for paralysis."