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World Bank predicts less global growth

Posted on 21 June 2013

The World Bank has lowered its growth estimate for the global economy in 2013, but says the expansion appears better balanced than just before the 2008 financial crisis. The global economy was expected to grow at an annual rate of 2.2 per cent this year, led by a 5.1 per cent surge in developing countries, down from a January estimate of a 2.4 per cent.
“The overall acceleration is not stronger because the majority of developing countries have more-or-less fully recovered from the 2008 financial crisis,” the report said. Kaushik Basu, the World Bank’s chief economist, said the estimates are “actually somewhat similar to what we were saying about six months ago”………………………………………..Full Article: Source

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