Economies around the world are still facing a struggle towards recovery, despite improved conditions in financial markets, the World Bank said Wednesday, as it sharply cut its global growth outlook for 2013.
The bank, which mainly lends money at relatively low rates to developing countries, said that “real-side recovery” had yet to materialize. However, it issued a cautiously optimistic forecast for more affluent countries like the U.S. on Wednesday, and predicted “a slow acceleration in growth” between 2013 and 2015.
World Bank economists are now forecasting growth of 2.4 percent for the global economy in 2013, from 2.3 percent in 2012. In its last forecast in June, the bank projected global growth would reach 3.0 percent in 2013.
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