Syndicate content

GEP 2014

World Economy in 2014: Troubling Stagnant Growth

Jim Yong Kim's picture
© Igor Stevanovic/Shutterstock



A major World Bank Group report this week found that growth is stagnating in developing countries. It’s projected to be below 5 percent for the third straight year. That’s too modest to create the kind of jobs we need to improve the lives of the poorest people around the world.

If this trend continues, it will have long-term negative implications on developing countries, including the loss of an historic opportunity to end extreme poverty in the next generation. Millions of people around the world have been able to escape poverty over the last few decades largely because of high economic growth in developing countries.

World Bank sees stronger global growth on account of firming up of activity in high-income countries

The world economy is projected to strengthen this year, with growth in high-income economies appearing to be finally turning the corner five years after the global financial crisis, according to the World Bank’s newly-released Global Economic Prospects (GEP) report.