World Bank sees global GDP rising from 3.2pc in 2014 to 3.5pc in 2016
THE global economy is expected to grow in 2014, picking up in emerging markets while richer mature markets improve five years after the 2008 financial crisis, says a World Bank report.
Global GDP growth is projected to grow from 2.4 per cent in 2013 to 3.2 per cent this year, stabilising at 3.4 per cent in 2015 and 3.5 per cent in 2016, said the Global Economic Prospects (GEP) report.
Growth in poorer countries is being bolstered by an acceleration in high-income nations and continued strong growth in China, said the soft lender, whose central mission is poverty reduction.
But growth prospects remain vulnerable to rising global interest rates and potential volatility in capital flows, as the United States Federal Reserve begins withdrawing massive monetary stimulus.
"Growth appears to be strengthening in both high-income and developing countries, but downside risks continue to threaten the global economic recovery," said World Bank Group president Jim Yong Kim.
"The performance of advanced economies is gaining momentum, and this should support stronger growth in developing countries in the months ahead," Mr Kim said.
