World Bank asks poorer nations to brace for slowdown

Developing countries should brace for a growth slowdown stemming partly from Europe’s debt woes, as it sharply scaled back its estimates for expansion, the World Bank has said. “Europe appears to have entered recession, and growth in several major developing countries (Brazil, India and to a lesser extent Russia, South Africa and Turkey) has slowed,” the bank said as it updated forecasts made last June.
It predicted the global economy will expand by 2.5 per cent in 2012 and by 3.1 per cent in 2013, well behind the 3.6 per cent growth for each year that the bank had projected in June. Developing countries’ economies will continue to outpace those of richer, developed countries. But the World Bank also lowered its forecasts for growth in these countries to 5.4 per cent in 2012 and 6 per cent in 2013. That was down from previous estimates of 6.2 per cent and 6.3 per cent respectively for growth in developing countries.

http://dailytrust.com.ng/index.php?option=com_content&view=article&id=152716:wbank-asks-poorer-nations-to-brace-for-slowdown&catid=1:news&Itemid=2

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