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Gloomy view for economies

GROWTH in the developing world will slow to 2 percent this year and economic activity globally will remain depressed for the next two years, the World Bank predicted yesterday.

Back in November, the World Bank estimated that the gross domestic product - a total output of goods and services - in the developing world would grow by 4.4 percent this year. Rapidly deteriorating financial and economic conditions around the world, however, prompted it yesterday to revise its estimate sharply lower to 2.1 percent. That's down from 5.8 percent last year.

"Across the developing world, we see that conditions of recession are affecting the poorest people, making them even more vulnerable than before to sudden shocks, but also reducing opportunities available to them and frustrating their hopes," said Justin Yifu Lin, a chief economist at the World Bank in Washington.

The bank also predicted that overall global growth will shrink by 1.7 percent this year, the first fall in world output since World War II.


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