World Bank estimates 3.3% GDP growth this year

The global economy in 2011 and 2012 is shifting into a phase of slower but solid growth, with India and China contributing towards almost half of the global growth, says the World Bank’s latest Global Economic Prospects 2011 report.

The World Bank estimates that the global GDP, which expanded by 3.9 per cent in 2010, will slow down to 3.3 per cent in 2011 before reaching 3.6 per cent in 2012.

Developing countries are expected to grow by seven per cent in 2010, six per cent in 2011 and 6.1 per cent in 2012. They will continue to outstrip the growth in high-income countries which will expand by 2.8 per cent in 2010, 2.4 per cent in 2011 and 2.7 per cent in 2012, the report said.

Besides, steered by India, the South Asian region is projected to post 7.9 per cent GDP growth on average over the 2011-2012 fiscal years. The Indian economy is projected to grow at 8.5 per cent in 2011 and 8.7 per cent in 2012, according to the report.