The World Bank says four years after the start of the financial crisis, the global economy remains fragile. Growth in high-income countries remains weak. The bank recommends that developing countries not wait for rich nations to rebound, but take their own measures to ensure economic growth.
The latest Global Economic Prospects report says economic recovery is not just fragile, it’s uncertain. World Bank President Jim Yong Kim says that “clouds the prospect for rapid improvement and a return to more robust economic growth.”
Senior economist Allen Dennis, who helped write the report, said, “In 2012, growth was still at about 2.3-percent. And that is relatively subdued compared to its pre-crisis average.”
The World Bank does not expect a surge in economic growth this year.
“We still have somewhat modest and subdued growth even for 2013 at about 2.4-percent. So, we certainly are in a period of both volatile and subdued growth. And in part that is because of the economic challenges that several of the high-income countries are facing,” said Dennis.