Maravi

World Bank urges developing countries to seize growth opportunities

World Bank urges developing countries to seize growth opportunities
By Mutale Kapekele
Wed 09 June 2010, 13:00 CAT

THE World Bank has advised developed countries to seize opportunities offered by strong growth in developing countries for the world to fully recover from the current crisis.

Giving the latest global economic prospects for 2010 via web cast yesterday, World Bank’s chief economist and senior vice-president for Development Economics Justin Yifu Lin said high income countries should pay attention to opportunities in developing countries as the world rebounds from the global economic crisis.

“The better performance of developing countries in today’s world of multipolar growth is reassuring,” Lin said. “But, for the rebound to endure, high-income countries need to seize opportunities offered by stronger growth in developing countries.”

Lin noted that global economic recovery continued to advance but cautioned that Europe’s debt crisis had created new hurdles on the road to sustainable medium term growth.

The World Bank projects global Gross Domestic Product (GDP) to expand between 2.9 and 3.3 per cent in 2010 and 2011, strengthening to between 3.2 and 3.5 per cent in 2012, reversing the 2.1 per cent decline in 2009.

The bank projects that developing economies were expected to grow between 5.7 and 6.2 per cent each year from 2010 to 2012.

High-income countries, however, are projected to grow by between 2.1 and 2.3 per cent in 2010 which Lin said was not enough to undo the 3.3 per cent contraction in 2009.

The bank projected that in 2011 developed economies will grow between 1.9 and 2.4 per cent.

Labels: World Bank

posted by MrK @ 2:40 PM