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People's Daily Online>>Opinion

World Bank slashes global growth forecasts

By Wang Piyi (People's Daily Overseas Edition)

16:58, January 20, 2012

Edited and translated by People's Daily Online

The World Bank released the Global Economic Prospects 2012: Uncertainties and Vulnerabilities on Jan. 18 in Beijing. People’s Daily interviewed Justin Yifu Lin, Chief Economist and Senior Vice President of the World Bank, and Hans Timmer, Director of the World Bank's Development Prospects Group, in the bank’s Beijing office over the future of the world economy.

Q: Has the world economy entered a dangerous period?

A: The World Bank slashed the global economic growth forecasts for 2012 and 2013 to 2.5 percent and 3.1 percent, down 1.1 percent and 0.5 percent respectively from its previous forcast made in June 2011. The world economy has entered a dangerous period.

The ripple effects of the crisis in high-income countries such as the United States and European countries are being felt worldwide, increasing the downside risks facing developing countries.

Some of the financial turmoil in Europe has spread to previously unaffected developing and other high-income countries. Government balances have deteriorated in almost 44 percent of developing countries.

If a global recession materializes, developing countries will be hit hard as they will have to operate in a much weaker global economy, with much less abundant capital, less vibrant trade opportunities and weaker financial support for both private and public activity.

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