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WASHINGTON -(Dow Jones)- The World Bank will urge Group of 20 leaders meeting this weekend not to allow the immediate demands of containing the sovereign debt crisis to detract from the need for sustainable long-term growth.
The bank, in paper prepared for the G-20 summit in Toronto, also called on advanced countries to foster a more multipolar world economy and ensure more people don't fall into poverty.
Instead of viewing the debt troubles in Europe as the next phase in the global financial crisis, the bank suggested that the world economy is facing a period in which sustainable growth is the main challenge.
"So far, the world has focused on fiscal contraction and debt, but these are only half the story," the report said.
"The world and Europe also need a return to robust growth. Without it, fiscal adjustments will be more painful and politics more unmanageable," it said.
Copyright 2009 Dow Jones Newswires
European debt worries worldUPDATE: EU Rehn: Will Do What Is Needed To Support The Euro
