Developing nations’ GDP to grow 1.2%: World Bank

Developing nations’ GDP to grow 1.2%: World Bank
AFP
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First Published: Mon, Jun 22 2009. 12 59 PM IST
Updated: Mon, Jun 22 2009. 12 59 PM IST
Washington: The World Bank on Monday estimated economic growth in developing countries of 1.2% this year, and said that without China and India, output would shrink 1.6%.
Amid the worst global financial and economic crisis in seven decades, the multilateral institution eight days ago lowered its outlook on global growth, to a contraction of 3.0% this year.
It slightly revised the global gross domestic product (GDP) figure on Monday, to a 2.9% decline.
The development lender’s preceding forecast, published in late March, put developing countries’ annual growth at 2.1%, and at zero if China and India were excluded.
In 2010, global growth was projected at 2.0%, and that of the developing countries at 4.4%, according to the bank. Excluding China and India, the developing countries would grow 2.5%.
China’s economy was forecast to expand 7.2% in 2009 and 7.7% in 2010, while India’s forecast was for 5.1% followed by 8.0%.
The latest World Bank forecasts on gross domestic product (GDP) - a measure of goods and services output in a country - came in a report, “Global Development Finance 2009: Charting a Global Recovery,” published to coincide with a three-day Annual Bank Conference on Development Economics opening Monday in Seoul.
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First Published: Mon, Jun 22 2009. 12 59 PM IST