The world is expected to grow by 3.1 percent in 2018, a better performance than that in 2017, due to an ongoing recovery in investment, manufacturing, and trade, and improving commodity prices, the World Bank has said.
But it stays pessimistic about long-term-growth and says a slowing potential growth may affect improving living standards and reducing poverty around the world.
The advanced economies are to see a 2.2 percent growth in 2018 while emerging market and developing economies are to grow by 4.5 percent in 2018.
“The broad-based recovery in global growth is encouraging, but this is no time for complacency,” World Bank Group President Jim Yong Kim said.
“This is a great opportunity to invest in human and physical capital. If policy makers around the world focus on these key investments, they can increase their countries’ productivity, boost workforce participation, and move closer to the goals of ending extreme poverty and boosting shared prosperity,” he said.