World Bank cuts growth outlook to 2.4% as advanced nations drag

World Bank cuts growth outlook to 2.4% as advanced nations drag.

A frustratingly slow economic recovery in developed nations is holding back the global economy, the World Bank said on January 15, as it sharply cut its outlook for world growth in 2013.

The World Bank forecast that global gross domestic product will inch up 2.4 per cent this year, from 2.3 per cent in 2012. In its last forecast in June, the bank projected global growth would reach 3.0 per cent in 2013.

The World Bank also cut its forecast for developing countries, which last year grew at their slowest pace in a decade, to 5.5 per cent in 2013 from 5.9 per cent in the June forecast. It said growth in these countries should slowly pick up, reaching 5.7 per cent next year and 5.8 per cent in 2015.

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