World Bank to pour cold water on global economy

Lishiang Morninghill The World Bank published its report on global development finance 2009 yesterday.　　The report argues that the world economy will have negative growth of 2.9% this year, affected by the global financial crisis. The World Bank report said developing countries faced more difficulties this year, with a growth rate of only 1.2% per cent this year, against the backdrop of a 8.1% increase in 2007 and a 5.9% increase last year.　　If China and India are not included, the economy of developing countries will fall by 1.6% this year, and unemployment and poverty will increase further.　　The report says the world economy is expected to recover gradually next year, with developing countries rebounding faster, with growth of 4.4% per cent in 2010 and 2011 to 5.7%.　　The World Bank had previously published forecasts that the global economy would fall 1.7% per cent this year, the first time the world economy has fallen since the second war.　　The report said that the financial crisis affected the net inflow of private capital to developing countries in 2008, which is expected to continue to decline in 2009.　　In early March this year, the World Bank reported that the global financial crisis is putting many developing countries in a dilemma and that the funding gap for developing countries will be between 270 billion and 700 billion dollars this year.　　Related news about us the fastest recovery in South Korea the World Bank Vice president and chief economist Justin Yifu Lin said 22nd in Seoul, thanks to South Korea's solid macroeconomic structure and close economic ties with China, South Korea will become the economic Cooperation and Development Organization (OECD) member countries the fastest economic recovery. Lin said South Korea's economic indicators rebounded in the first quarter of this year.　　He said that in the medium term, China's economic stimulus policy will continue to benefit the production and exports of related industries in East Asian economies such as South Korea, Japan and Taiwan. While the financial system is already partially releasing positive signals, uncertainty persists, Lin said.　　It is therefore imperative that measures be taken to strengthen the financial system and that countries join hands to stimulate demand growth. South Korea's latest figures show a 0.1% per cent increase in GDP in the first quarter of this year, the only country in the OECD to achieve positive growth.