World economy has negative growth this year 2.9%

The World Bank's latest report says it will recover gradually from next year, with South Korea recovering fastest in OECD countries Xinhua News Agency, published in Seoul on 22nd, said that the global economy will grow by 2.9% this year in the wake of the international financial crisis. The growth rate for developing economies this year is only 1.2% per cent, well below last year's 5.9% and 8.1% in 2007, the report said.　　The report predicts that if China and India are not included, the economy of developing economies will fall by 1.6% this year, and unemployment and poverty will increase further. The report said that the world economy will gradually recover next year, the 2010 world economy will rebound 2%, 2011 will grow by 3.2%. Among them, developing economies rebounded faster, with growth of 4.4% per cent in 2010 and 2011 to 5.7%.　　The report also said that, given the current downturn in the world economy, there was a need for stricter and more effective regulation of the financial system.　　The World Bank has reported a 1.7% decline this year as the world economy has fallen for the first time since Second World War, according to a report published on March 31.　　According to Xinhua news agency, vice president and chief economist Justin Yifu Lin said 22nd that South Korea will become the fastest-growing economic recovery member of the Organisation for Economic Cooperation and Development (OECD), thanks to its solid macroeconomic structure and close economic and trade ties with China, Seoul.　　Lin said in an interview at the World Bank's annual Development economics meeting that, despite the impact of the international financial crisis, the South Korean economy will be negative growth of 3% to 3.5% this year, but as the world economy gradually recovers, South Korea's economy is expected to rebound strongly, by 2011 its growth rate will reach 4% to 5%. 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. 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.