(MENAFN) The World Bank on Wednesday lowered its growth estimate for the global economy in 2013, but said that expansion appeared better balanced than just before the 2008 financial crisis, reported Times of Oman.
The global economy was expected to grow at an annual rate of 2.2 percent this year, led by a 5.1 percent surge in developing countries, down from a January estimate of a 2.4 percent.
"The overall acceleration is not stronger because the majority of developing countries have more-or-less fully recovered from the 2008 financial crisis," the report said.
Kaushik Basu, the World Bank's chief economist, said the estimates are "actually somewhat similar to what we were saying about six months ago."
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