Developing world needs to invest in infrastructure: World Bank
The World Bank in its latest report has revised down the growth forecast for economic growth this year from 5.3% to 4.5%.
This is the third consecutive year of growth below 5% for the developing nations.
The report suggests making economic reforms in the infrastructure sector to tackle the ailing economy and to sustain rapid income growth.
“Disappointing” is the word the Bank uses to describe the developing world’s likely performance this year.
The report further says that the downgraded forecasts will be temporary and expects the developing world to record growth of around 5.5% next year in 2016, helped by the stronger growth coming through in many rich countries, notably the US and the Euro area.
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