The World Bank predicted that the world's annual economic growth will slow to 0.9%, from 2.5% this year.
Even for strong developing economics such as China and India, it is predicted that their economic growth rate would slow down. The World Bank projects China's growth to slow from 11.9% in 2007 to 7.5% in 2009, while India's growth prospects will be cut from 9% to 5.8%.
However, predictions remain positive for long-term growth. The Bank says that the long-term growth prospects for developing countries remain strong, and this will lead to substantial reduction in world poverty rates by 2015, with just 15% of people living on less than $1.25 per day, compared to 25% in 2005.
2 comments:
I never knew the world had a growth rate. This is interesting. I am also happy to see such positive predictions about the eradication of poverty in coming years.
I find this very interesting. I think we are experiencing hard times right now, but what goes down must go up eventually. This is not the end of the world, we will recover from this eventually. However im sure it will take about 4-5 years.
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