World Bank Cuts Economic Growth Estimates For 2014

World_Bank_H_building,WashingtonThe World Bank has cut its growth forecast for the global economy, as tension in the Ukraine and political strife in Turkey weighs.

Disappointing economic activity

The financial institution’s president, Jim Yong Kim, expressed disappointment at the prospect of a third consecutive year of below 5% growth in the developing world.

He said recent growth rate are “far too modest to create the kind of jobs we need to improve the lives of the poorest 40 per cent.”

President Kim said the developing countries would expand at only 4.8% compared with a predicted 5.3%.

After a sluggish start to 2014, the Bank expects growth to accelerate in these countries in 2015.

Not enough growth

Meanwhile, a senior economist admitted that a three consecutive years of low performance raises concerns whether the developing world would become stronger.

“It’s one thing to have one year where one-off factors explain why growth wasn’t quite as strong as you anticipated. To have three years in a row where growth disappoints does have to start begging exactly those kinds of questions,” said Andrew Burn in a statement.

About the Author

Wileene is a writer who enjoys the challenges of writing an engaging and creative articles. She has a passion for writing and considers lifestyle, media, and healthy living topics as her strength/s. She likes reading non-fiction, thriller, children's, and science fiction books. She believes that she is capable of writing articles and yet she still has room to improve.