The warning came as Robert Zoellick, president of the World Bank, said fiscal stimulus packages in the rich world were diverting capital from emerging markets.
The Institute for International Finance forecasts net private sector capital flows to emerging markets will be no more than $165bn this year; less than half the $466bn inflow in 2008 and only a fifth of the capital sent to emerging markets in 2007, when the credit bubble was fully inflated.
The figures emphasise the extent to which the banking crisis and risk-aversion among rich-country investors are constraining emerging market economies, one of the important concerns to be debated at the World Economic Forum in Davos which starts today.
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