Four years after the onset of the global financial crisis, the worst appears to be over, the World Bank said. However, the global economy remains fragile, as high-income countries continue to suffer from volatility and slow growth, the World Bank said in its report "Global Economic Prospects", issued Tuesday.
The World Bank estimates global GDP grew 2.3% in 2012. Growth is expected to remain broadly unchanged at 2.4% growth in 2013, before gradually strengthening to 3.1% in 2014 and 3.3% in 2015.
Developing countries recorded among their slowest economic growth rates of the past decade in 2012, with GDP estimated to have grown 5.1%. Growth for developing countries is projected to expand by 5.5% in 2013, strengthening to 5.7% and 5.8% in 2014 and 2015, respectively.
Growth in high-income countries remains weak, with their GDP expanding only 1.3% in 2012 and expected to remain slow at an identical 1.3% in 2013. Growth should gradually firm to 2% in 2014 and 2.3% by 2015.
In the Euro Area, growth is now projected to only return to positive territory in 2014, with GDP expected to contract by 0.1% in 2013, before edging up to 0.9% in 2014 and 1.4% in 2015.