The World Bank President Mr.Robert Zoellick has said, US economic power is declining as a result of the financial crisis. He said one of the legacies of this crisis may be a recognition of changed economic power relations. Mr. Zoellick was speaking in Istanbul before the meetings of the World Bank and International Monetary Fund. Finance Ministers from the Group of Seven – the US, Japan, Germany, UK, France, Canada and Italy – have also been meeting in Istanbul. The G7 said the world economy is improving but there is no room for complacency since the prospects for growth remain fragile and labour market conditions are not yet improving. Unemployment in the US on Friday surged to a new 26-year high of 9.8%.