World Bank Warns of Challenges Ahead for Developing Economies
- Global growth steady but sluggish at 2.7% this year and next
- Next 25 years to be tougher than the last quarter century
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The World Bank warned that developing economies will face tougher years ahead, with growth globally too slow to boost living standards and a climate of high policy uncertainty deterring advanced-nation investment in poorer countries.
The anti-poverty lender warned Tuesday in its latest Global Economic Prospects report that the long-term growth outlook for developing economies is the weakest since the start of this century, and too few nations will climb from low-income to middle-income status in the next 25 years. That means hundreds of millions of people will remain mired in extreme poverty, hunger and malnutrition.