World Bank Sees Financial 'Shakeouts'

"There are still more shakeouts in financial markets," Robert Zoellick said. "It's not clear how the financial market adjustment process will still affect the real economies. But I think this is a period of some uncertainty of economic growth."

Zoellick spoke at the headquarters of the World Trade Organization, where he was attending a two-day meeting aimed at improving the commercial potential of poorer nations.

The top officials of the WTO and International Monetary Fund also took part.

Zoellick said the completion of difficult global trade talks, which he helped launch six years ago as the United States' chief trade negotiator, could provide an important boost for the global economy. The WTO talks have stalled repeatedly and negotiators have warned that a breakthrough is unlikely in coming months.

"If the United States changed from slow growth to recession, I do think that would affect Europe and eventually it would also affect the developing economies," Zoellick said. "It's one reason why, again, a global trade round that encourages growth would be positive for development."