- Title: SINGAPORE: World Bank President Robert Zoellick calls on Asia to invest more
- Date: 7th September 2011
- Summary: SINGAPORE (SEPTEMBER 6, 2011) (REUTERS) INTERCONTINENTAL HOTEL SINGAPORE FLAG WORLD BANK PRESIDENT ROBERT ZOELLICK SPEAKING ZOELLICK'S FACE CONFERENCE IN PROGRESS ZOELLICK GETTING UP FROM SEAT AND WALKING CAMERAMAN FILMING ZOELLICK SITTING DOWN ON STAGE VARIOUS OF ZOELLICK SITTING DOWN (SOUNDITE) (English) WORLD BANK PRESIDENT ROBERT ZOELLICK, SAYING: "People often talk about cuts. It really doesn't have to be cuts, it could be slowing the rate of growth. But I think it would send a very important signal to markets about the U.S. coming to grips with the issue, if it was able to, I happen to believe that social security would be an easier one to take on than the Medicare issues, that it started to address that rate of spending increase." VARIOUS OF CONFERENCE IN PROGRESS (SOUNDITE) (English) WORLD BANK PRESIDENT ROBERT ZOELLICK, SAYING: "And the potential, for example, for South South Investment, is growing enormously. So I see this as an opportunity. I see this as creating the context to be able to shift capital to productive resources to growing economies and in an open economic system, it can benefit everybody." CONFERENCE IN PROGRESS ZOELLICK LEAVING STAGE
- Embargoed: 22nd September 2011 13:00
- Keywords:
- Location: Singapore, Singapore
- Country: Singapore
- Topics: Economy
- Reuters ID: LVA5LWOKAMGOJDMXE76H1YRUKXX7
- Story Text: World Bank President Robert Zoellick said on Tuesday (September 6) the U.S. needs to reign in its burgeoning debt and called on Asia to create investments that will benefit the West.
He made the comments at the World Bank-Singapore Finance Summit at Singapore's Intercontinental Hotel during an address about private sector financing for Asian infrastructure projects.
Zoellick said instead of issuing spending cuts, the U.S. should address the rate of its debt growth.
"People often talk about cuts. It really doesn't have to be cuts, it could be slowing the rate of growth. But I think it would send a very important signal to markets about the U.S. coming to grips with the issue, if it was able to, I happen to believe that social security would be an easier one to take on than the Medicare issues, that it started to address that rate of spending increase."
He commented on the same issue during his trip to Beijing last week, when he urged the U.S. and Europe to tackle their debt problems.
Zoellick also called on Asia and the West to work together to create wealth, especially in developing nations, known as South South investment.
"And the potential, for example, for South South Investment, is growing enormously. So I see this as an opportunity. I see this as creating the context to be able to shift capital to productive resources to growing economies and in an open economic system, it can benefit everybody."
Zoellick said while in Beijing that the world economy is stepping into a "new danger zone," as growth slows and investor confidence weakens. - Copyright Holder: REUTERS
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