Now is not the time for rich countries to start pulling back on economic stimulus, Robert Zoellick, president of the World Bank, has told leaders of the Group of Eight industrialised nations. He warned this could have devastating consequences for the developing world.

“I recognise that some developed countries are now considering a policy mix that assumes the recovery is at hand,” Mr Zoellick wrote in a letter to G8 heads of government, a copy of which has been obtained by the Financial Times. “But for the developing world it is far too early to think of such measures.”