World Bank Forecasts

At the briefing by the end of spring meeting of the International Monetary Fund and the World Bank, the Vice President of the World Bank Philippe le Houerou commented on the global development forecasts.

According to the bank experts research, the economic upsweep is still affected by the Eurozone sovereign debt crisis.

Some time ago Europe was penetrating into developing economies actively, initiating trade relations and all these activities had a positive impact. But since recently, all cooperation links have changed for worse. This factor is also taken into account in the IMF outlooks. The economic growth estimations are different for developing countries.

While the IMF pins hopes on this group of countries, the World Bank expects a pace slow down - thus by the end of 2012 the GDP upturn within the region is to reach 5.4% - this is the lowest reading for the last 10 years.

By the World Bank calculations, the global GDP is to gain 2.5% versus the September forecasted value of 3.2%. The Vice President also reported that despite all recovery signs observed last time, the economy is still far from the pre-crisis performance.

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