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Indiaexportnews.com

Developing countries can expect 4.8 per cent GDP growth

  13.06.2014    

Developing countries can expect 4.8 per cent GDP growth this year, according to the World Bank, which reduced its earlier 5.3 per cent growth estimate set in January.
But the World Bank's Global Economic Prospects (GEP) remains hopeful for a 5.4 per cent rise in 2015 and 5.5 per cent in 2016 for poorer less developed economies.
"China is expected to grow 7.6 per cent this year, but this will depend on the success of rebalancing efforts. If a hard landing occurs, the reverberations across Asia would be widely felt," said the bank.
Bad weather in the US, the crisis in Ukraine, political strife in middle-income economies, lack of structural reform and capacity constraints make for a third year of sub five per cent growth in the developing world.
"Growth rates in the developing world remain far too modest to create the kind of jobs we need to improve the lives of the poorest 40 per cent," said World Bank president Jim Yong Kim.
The bank, which is not a real bank, but an institution dedicated to poverty reduction, said countries need to move faster and invest more in domestic structural reforms in developing countries,  according to Shipping Gazette.



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