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 G8 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 FT. “But for the developing world it is far too early to think of such measures.” His warning comes ahead of the G8 leaders summit in Italy this week.

The World Bank president said “a rush to the exits could leave the weakest behind in the burning house.” Mr Zoellick, a former senior official in the Bush administration, said emergency action by policymakers had arrested the fall in the global economy by supporting financial markets and boosting demand.