Global Economic Prospects 2014

Five years after the financial crisis, the world economy is showing signs of bouncing back. Read more ...

Development Prospects

Providing information, analysis, and advice on global trends in the world economy.  Find out more ...

Global Economic Monitor

Now free. Daily and monthly updates on global economic developments and relevant topical issues. Find out more ...

Syndicate content

Add new comment

Prospects Daily: World Bank sees stronger global growth as rich economies expand

Global Macroeconomics Team's picture
The world economy is projected to strengthen this year, with growth picking up in developing countries and 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.

Global GDP growth is projected to firm from 2.4% in 2013 to 3.2% this year, stabilizing at 3.4% and 3.5% in 2015 and 2016, respectively, with much of the initial acceleration reflecting stronger growth in high-income economies.
Growth in developing countries will pick up from 4.8% in 2013 to a slower than previously expected 5.3% this year, 5.5% in 2015 and 5.7% in 2016.  While the pace is about 2.2 percentage points lower than during the boom period of 2003-07, the slower growth is not a cause for concern.  Almost all of the difference reflects a cooling off of the unsustainable turbo-charged pre-crisis growth, with very little due to an easing of growth potential in developing countries.  Moreover, even this slower growth represents a substantial (60%) improvement compared with growth in the 1980s and early 1990s.

GEP website: www.worldbank.org/globaloutlook