Rising inflation and the slowdown in Chinese manufacturing have already curbed demand for some commodities. But the slowdown is due in part to Beijing's efforts to prevent its economy from overheating, adds Perry.

Reflecting on the global uncertainty, World Bank President Robert Zoellick urged Europe and its biggest trading partners to act responsibly.

"Europe has to rescue Europe, okay? And it's very important. If there's any message when I'm asked, 'Well, what can the U.S. do and what can China do?' The best thing they can do is clean up their act at home, be a source of growth at home, and, secondly, be a source of confidence to the market."

Zoellick is encouraged by ongoing reforms in China aimed at reducing the country's reliance on exports, but he warned U.S. lawmakers against further delays in dealing with the nation's rising debt, now close to $15 trillion.

"The downgrade of America from triple A didn't affect the finances today, but it may be one of those events people look back on 10 years from now and say, 'Did they get the warning? Did they pay attention or did they continue to do what they were doing?'"

Unless leaders are willing to make the tough decisions needed to stabilize the global economy, Zoellick and many leading economists say problems in Europe, the U.S. and China could coalesce into a "perfect storm" in 2012 that could rival the financial crisis of 2008.