Developing countries' economies to grow 1.2 per cent: WB

WASHINGTON: The World Bank on Monday estimated economic growth in developing countries of 1.2 percent this year, and said that without China and India, output would shrink 1.6 percent.

Amid the worst global financial and economic crisis in seven decades, the multilateral institution eight days ago lowered its outlook on global growth, to a contraction of 3.0 percent this year.

It slightly revised the global gross domestic product (GDP) figure today, to a 2.9 percent decline.

The development lender's preceding forecast, published in late March, put developing countries' annual growth at 2.1 percent, and at zero if China and India were excluded.

In 2010, global growth was projected at 2.0 percent, and that of the developing countries at 4.4 percent, according to the bank. Excluding China and India, the developing countries would grow 2.5 percent.

China's economy was forecast to expand 7.2 percent in 2009 and 7.7 percent in 2010, while India's forecast was for 5.1 percent followed by 8.0 percent.

The latest World Bank forecasts on gross domestic product - a measure of goods and services output in a country - came in a report, "Global Development Finance 2009: Charting a Global Recovery."