World Bank Sees 2.7% Global Growth In 2010

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The global economy is expected to grow 2.7% in 2010 and 3.2% in 2011 after contracting 2.2% in 2009, latest forecasts from the World Bank showed Thursday.

The international lender said the world economy has passed the worst, but the recovery is fragile. It predicts that the fallout from the crisis will change the landscape for finance and growth over the next 10 years. Moreover, it warned that the global economic recovery that is now underway will slow later this year as the impact of fiscal stimulus wanes.

Developing countries are forecast to record 5.2% growth this year and 5.8% expansion next year, an increase from 1.2% growth in 2009. GDP in rich countries, which declined by 3.3 percent in 2009, is expected to increase much less quickly-by 1.8% and 2.3% in 2010 and 2011.

"Unfortunately, we cannot expect an overnight recovery from this deep and painful crisis," said Justin Lin, World Bank Chief Economist and Senior Vice President, Development Economics. "It will take many years for economies and jobs to be rebuilt."

The global economy is expected to grow 2.7% in 2010 and 3.2% in 2011 after contracting 2.2% in 2009, latest forecasts from the World Bank showed Thursday. (Market News Provided by RTTNews)