13 Jan '11, 12am

Global economy to slow in 2011: World Bank

WASHINGTON: The World Bank on Wednesday forecast that the global economy will slow in 2011, and warned that rising commodity prices could spur a return to the sky-high inflation of 2008. The Washington-based development lender estimated the world economy will grow 3.3 percent this year compared with 3.9 percent in 2010, a year of rebound from the 2009 recession. Emerging and developing countries were expected to expand 6.0 percent, more than double the 2.4 percent annual rate of high-income countries, the bank said in its latest Global Economic Prospects report. Overall, the pace of growth is too weak to give the recovery solid traction, it said. "Unfortunately these growth rates are unlikely to be fast enough to eliminate unemployment and slack in the hardest-hit economies and economic sectors." In addition, "serious tensions and pitfalls persist in the global economy, wh...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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