World Bank cuts global growth forecast for 2013

The World Bank has cut its global growth forecast for 2013, blaming sluggish growth in developed economies for the ‘fragile' and ‘uncertain' global economic recovery.

In its twice-yearly Global Economic Prospects report, the bank stated it expects world growth to come in at 2.4% this year, down from its 3% forecast in June. Although global stock markets, on the whole, are in a healthier position than they were this time last year, the bank added the positive market sentiment is not reflected in economic growth. "What we are seeing is a recovery we anticipated in June being pushed a little further back in time, beginning closer to the end of the first quarter and into the second quarter of 2013," said the bank. "You can keep markets calm for one ...