Developing countries and the international community can take steps now to hasten recovery after the worst of the health crisis has passed, according to analytical chapters released from our latest Global Economic Prospects report. Securing core public services, getting money directly to people, and maintaining the private sector will limit the harm and help prepare for recovery.
The outlook for the global economy in 2019 has darkened.
International trade and investment have softened. Trade tensions remain elevated. Several large emerging markets underwent substantial financial pressures last year.
Against this challenging backdrop, growth in emerging market and developing economies is expected to remain flat in 2019. The pickup in economies that rely heavily on commodity exports is likely to be much slower than hoped for. Growth in many other economies is anticipated to decelerate.
In addition, risks are growing that growth could be even weaker than anticipated, the World Bank’s January 2019 Global Economic Prospects reports.
WASHINGTON, June 4, 2017— The World Bank forecasts that global economic growth will strengthen to 2.7 percent in 2017 as a pickup in manufacturing and trade, rising market confidence, and stabilizing commodity prices allow growth to resume in commodity-exporting emerging market and developing economies.
According to the World Bank’s June 2017 Global Economic Prospects, growth in advanced economies is expected to accelerate to 1.9 percent in 2017, which will also benefit the trading partners of these countries. Global financing conditions remain favorable and commodity prices have stabilized. Against this improving international backdrop, growth in emerging market and developing economies as a whole will pick up to 4.1 percent this year from 3.5 percent in 2016.