The World Bank, in its latest Global Economic Prospects report, said it expected real gross domestic product (GDP) growth during 2017 to rebound to 2.7%, up from a post-financial crisis low of 2.3% in 2016. The multilateral lender added that growth in advanced economies is expected to rise to 1.8% in 2017, from 1.6% in 2016, while emerging and developing economies will see growth accelerate to 4.2%, up from 3.4% last year.
Jim Yong Kim (pictured), World Bank Group President, said in a statement:
"After years of disappointing global growth, we are encouraged to see stronger economic prospects on the horizon. Now is the time to take advantage of this momentum and increase investments in infrastructure and people."
The bank added that a surge in US growth, whether due to expansionary fiscal policies or other reasons, could provide a significant boost to the global economy.
Meanwhile, China's growth will continue to slow, easing to 6.2% in 2017, down from 6.7% in 2016, the Bank said. It also expects India's strong growth to accelerate, rising to 7.6% in 2017, up from 7.0% in 2016, as reforms ease domestic supply bottlenecks and increase productivity.
