HONOLULU, US - The world will be in a difficult situation for both developing and developed economies in the coming year, as the eurozone debt turmoil continues to weigh on global growth, World Bank managing director said here on Saturday.

Speaking at the CEO Summit of the Asia-Pacific Economic Cooperation (APEC), Sri Mulyani Indrawati, former Indonesian finance minister said  that the European situation will continue to dominate global attention, as it is affecting not only the eurozone but also other parts of the world.

New financing efforts can only help the eurozone economies to tide over the crisis for the time being, but these economies need to focus on structural reforms to improve their long-term competitiveness, Indrawati stressed, adding that confidence can only be lifted by real action.

In this closely-interconnected world, it is difficult for developing countries to decouple from waning trade and investment demand in developed countries, she said, adding that communication and trust building among countries are important to expand cooperation and shore up global growth.

Several APEC meetings, including the APEC Economic Leaders' Meeting, the APEC Ministerial Meeting, the APEC Finance Ministerial Meeting, the APEC Business Advisory Council and the APEC CEO Summit, are scheduled to be held in Honolulu this week.