18 Jan '12, 4am

World Bank cuts global economic growth forecasts, citing weakness across the world

WASHINGTON (AFP) - The World Bank slashed its global economic growth forecasts on Tuesday and warned that rich nations' debt problems may yet reap a crisis that would eclipse the tumult of 2008. Citing weakness across the globe, the Washington-based lender projected global growth of 2.5 per cent in 2012 and 3.1 per cent in 2013 - sharply lower than previous estimates of 3.6 per cent for both years. 'The world economy has entered a very difficult phase characterised by significant downside risks and fragility,' the twice-yearly Global Economic Prospects report said. While financial turmoil appeared contained at the moment, 'the risk of a much broader freezing up of capital markets and a global crisis similar in magnitude to the Lehman crisis remains.' High-income countries cannot count on the willingness of markets to finance their deficits and maturing debt, it warned.

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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