Developing countries’ growth, previously projected at 5.3 percent by the World Bank, is now estimated at 4.8 percent for 2014. Excluding China and India, growth is at a much slower 2.9 percent — a figure that reflects the increasingly large role that the two economies play in their respective regions and among developing countries as a whole.
In the second issue of its semiannual report on global economic forecasts, the World Bank noted that this is the third year that developing countries’ growth could hit below 5 percent. While growth is expected to improve to 5.4 percent in 2015 and 5.5 percent in 2016, there remains a need for greater investment in domestic structural reforms, according to World Bank Group President Jim Yong Kim, as “growth rates in the developing world remain far too modest to create the kind of jobs we need to improve the lives of the poorest 40 percent.”
Below are some of the highlights from each region.
East Asia and the Pacific