Global economy will expand by 3 per cent in 2015

Audit International, the leading specialists in Internal and External Audit Recruitment across Europe, the US and Asia have recently learned that The World Bank has projected global economy to grow by 3 per cent this year, noting that it is still struggling to gain momentum while many developing economies are less dynamic than in the past.

According to a recent survey, the global economy grew by an estimated 2.6 per cent in 2014, and is projected to expand by 3.3 per cent in 2016 and 3.2 per cent in 2017.

The report recently published by the World Bank reveals that developing countries grew by 4.4 per cent in 2014 and are expected to edge up to 4.8 per cent in 2015, strengthening to 5.3 and 5.4 per cent in 2016 and 2017, respectively.

Conforming to World Bank’s forecasts developing countries should see an uptick in growth this year, boosted in part by soft oil prices, a stronger US economy, continued low global interest rates, and receding domestic headwinds in several large emerging markets, it added.

World Bank’s President Jim Yong Kim declared regarding their last study: “In this uncertain economic environment, developing countries need to judiciously deploy their resources to support social programs with a laser-like focus on the poor and undertake structural reforms that invest in people,”

He added as well: “It’s also critical for countries to remove any unnecessary roadblocks for private sector investment. The private sector is by far the greatest source of jobs and that can lift hundreds of millions of people out of poverty,”

Economical activity in the US and the UK is gathering momentum as labour markets heal and monetary policy remains extremely accommodative. However, the recovery has been sputtering in the Euro Area and Japan as legacies of the financial crisis linger. Meanwhile, in the Asian market, China is undergoing a carefully managed slowdown with growth slowing to a still-robust 7.1 per cent this year (7.4 per cent in 2014), 7 per cent in 2016 and 6.9 per cent in 2017.

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