World Bank says developing countries' growth to slow to 6.3% from 2011

08:45, June 09, 2011      

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The World Bank has projected that the growth of Gross Domestic Product (GDP) of developing nations, as they reach full capacity, will slow from 7.3 percent in 2010 to 6. 3 from 2011 to 2013.

The Bank disclosed this in a statement signed by Communication Officer David Theis. It was issued to reporters in Abuja on Tuesday.

"High-income countries will see growth slow from 2.7 percent in 2010 to 2.2 percent in 2011 before picking up to 2.7 percent and 2. 6 percent in 2012 and 2013 respectively," it added.

The statement quoted Justin Yifu Lin, World Bank chief economist, as saying that globally, GDP was expected to grow 3.2 percent in 2011 before edging up to 3.6 percent in 2012.

It said further increases in already high oil and food prices could curb economic growth and hurt the poor.

According to statement, developing countries needed to focus on tackling country-specific challenges such as achieving balanced growth through structural reforms.

Others, it added, were coping with inflationary pressures and dealing with high commodity prices.

It said prospects for high-income countries and many of Europe's developing countries remain clouded by crisis-related problems such as high unemployment, household and banking-sector budget consolidation and concerns over fiscal sustainability.

Source: Xinhua
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