Global economy to expand by 3.1%, says World Bank
The World Bank Group has projected that global economic growth will remain robust at 3.1 per cent this year before slowing gradually over the next two years.
As explained by the global lender, the growth will remain upbeat as advanced-economy growth decelerates and the recovery in major commodity-exporting emerging market and developing economies levels off.
The President of World Bank Group, Jim Yong Kim said: “If it can be sustained, the robust economic growth that we have seen this year could help lift millions out of poverty, particularly in the fast-growing economies of South Asia”.
“But growth alone won’t be enough to address pockets of extreme poverty in other parts of the world. Policymakers need to focus on ways to support growth over the longer run—by boosting productivity and labor force participation—in order to accelerate progress toward ending poverty and boosting shared prosperity.”
Activity in advanced economies is expected to grow 2.2 per cent in 2018 before easing to a two per cent rate of expansion next year, as central banks gradually remove monetary stimulus, the June 2018 Global Economic Prospects says.
Growth in emerging market and developing economies overall is projected to strengthen to 4.5 per cent in 2018, before reaching 4.7 per cent in 2019 as the recovery in commodity exporters matures and commodity prices level off following this year’s increase.
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