The World Bank has revised down its forecast for economic growth in the developing world this year — from 5.3% down to 4.8%.
If right, it would be the third consecutive year of growth below 5% for this group of countries.
The Bank says that developing nations need to make economic reforms to promote growth.
But the new report does predict that growth in these countries will accelerate in 2015.
“Disappointing” is the word the Bank uses to describe the developing world’s likely performance this year.
The organisation’s president, Jim Yong Kim said these growth rates are “far too modest to create the kind of jobs we need to improve the lives of the poorest 40 per cent”, BBC informs.
