The World Bank said on Wednesday it expects the global economy to grow between 2.9 and 3.3 per cent this year and in 2011, as developing countries lead the recovery from global recession.
The World Bank’s latest economic forecast showed the global economic recovery continued to make headway but Europe’s debt crisis had created new challenges to sustainable medium-term growth.
The World Bank projected the expansion of global gross domestic product (GDP) — a broad measure of economic activity — to strengthen to a pace between 3.2 and 3.5 per centin 2012.
Developing countries would be the main engine of the recovery, generating economic growth between 5.7 and 6.2 per cent each year from 2010 to 2012. High-income countries were expected to be the main drag to recovery.