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World Bank warning over US shutdown

13 October 2013 Last updated at 22:09 BST

The World Bank is warning of grave consequences for the global economy if politicians in the United States fail to increase the government's borrowing limit by Thursday's deadline.

The bank's president, Jim Yong Kim, says there is a danger of rising interest rates and slower growth, and that these could be disastrous for the developing world.

Joe Lynam reports.