World Bank: Emerging markets set to drive 2018 global growth

In its latest bi-annual economic report published late-Tuesday, the World Bank said that the global economic growth is expected to accelerate in 2018, marking the first year since the 2008 Great Recession that it will near or achieve full growth potential, Reuters cites.

Key Findings via Reuters:

“The global economy is set to expand by 3.1 percent in 2018, slightly up from 3 percent last year. 

The pace of world growth was expected to moderate to 3 percent in 2019 and 2.9 percent in 2020.

Most of the growth will be driven by emerging economies, in particular, commodity exporters, with growth rates for the group as a whole rising to around 4.5 percent in 2018 and an average of 4.7 percent in 2019 and 2020.

By contrast, growth in developed economies is projected to slow to 2.2 percent in 2018, from 2.3 percent last year, as central banks gradually remove their post-crisis accommodation and investment levels off.

East Asia and the Pacific with China’s economy are expected to grow at a 6.4 percent clip this year before slowing to 6.3 percent next year.

In India, GDP growth is expected to reach 7.3 percent in 2018 before strengthening slightly in 2019/2020 to 7.5 percent, the World Bank projected.”