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World Bank expects a slow recovery

June 13, 2013 at 1:24 PM   |   Comments

WASHINGTON, June 13 (UPI) -- The World Bank in Washington said Thursday economic growth across the globe will reach 2.2 percent in 2013 and rise to 3.3 percent by 2014 and 2015.

The bank said economic shifts include emerging countries trading more among themselves and slower growth in Russia, India, Brazil, South Africa and Turkey due to "supply bottlenecks."

The World Bank said developed countries faced uncertainty if the U.S. Federal Reserve pulls back its asset purchasing program. China faces uncertainty as the government shifts its focus to strategies meant to create domestic demand. Emerging countries, in turn, are at risk if prices decline for commodities they produce, the World Bank said.

The World Bank said the gross domestic product for developing countries is now projected to reach 5.1 percent in 2013, rising to 5.7 percent by 2015.

Economies of developed countries are expected to grow 1.2 percent in 2013 with that figure rising to 2.3 percent by 2015.

The bank said the East Asia and Pacific region would see GDP growth of 7.3 percent in 2013, which should reach 7.5 percent in 2014 and 2015.

GDP growth in Latin America and the Caribbean "is expected to strengthen marginally to 3.3 percent in 2013," the report said.

In South Asia, growth was expected to climb from 4.8 percent in 2012 to 5.2 percent in 2013 and 6.4 percent by 2015, "in line with strengthening external demand, normal monsoons, and a gradual pickup in investment spending," the World Bank said.

The economy in India is projected to rise to 5.7 percent in the 2013 fiscal year, which will climb to 6.7 percent by fiscal year 2015.

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