At all times, and in all ways, it is just a confidence game

(And deflation is the big bad wolf. -AM)

LONDON (Reuters) - The recovery in emerging markets is likely to be weak and growth will remain limited, a senior World Bank official said on Thursday.

"So far there have not been any major policy reversals in emerging markets...recovery is going to be weak, growth slow for the medium term," World Bank managing director Ngozi Okonjo-Iweala told an emerging markets conference.

"Vulnerability to global confidence crises will continue to define emerging markets as an asset class."