world-bank.jpgThe World Bank has projected slow but solid growth for the global economy in 2011 as the world moves from the recovery phase of a recession.

 

This was contained in a report, the Global Economic Prospects for 2011.

 

Developing countries are projected to fare better than developed economies, with the World Bank estimating that developing countries will grow by 6% in 2011 and 6.1% in 2012 compared to 3.3 % growth for developed countries in 2011 up to 3.6% in 2012.

 

GDP for Sub Saharan countries, outside South Africa is estimated to rise by 6.4% in 2011 and 6.2% in 2012 as developing countries continue to outstrip growth in developing countries.

The rebound was strongest among the metal and mineral exporters, and oil exporters, which have benefited from stronger commodity prices.

In a press release the World Bank’s Chief Economist and Senior Vice President for Development Economics, Justin Yifu Lin said strong developing-country domestic demand growth is leading the world economy, yet persistent financial sector problems in some high-income countries are still a threat to growth and require urgent policy actions