Tuesday, February 12, 2013 | Latest audio lessons → VOA Learning English
World Bank Sees 'Fragile and 'Uncertain' in 2013
In January, the World Bank released its Global Economic Prospects report. World Bank experts are using the words "fragile" and "uncertain" to describe the economic recovery this year. Their report predicts the global economy will grow a little over two percent in 2013, and slightly more in the following two years.
Predictions of limited growth have become familiar since the financial crisis four years ago. Wealthy countries are expected to have slower growth than developing ones as they deal with larger amounts of debt and big budget deficits.
World Bank President Jim Yong Kim is urging developing countries to become growth drivers. But he notes that it is important to build a foundation for growth that can last over time.He says, the developed world needs to help developing countries make gains in health, infrastructure and education. Andrew Burns was lead author of the report. He says it is not only important to build roads and bridges, but to invest money in health care and effort in government reforms.
Some high-growth developing countries, such as China, are spending a lot on public works projects, but spend little on health care. The World Bank President says Europe and America have approved some measures to deal with economic weakness. But financial policy remains a work in progress. Still, wealthy nations remain the biggest markets for exports and providers of foreign investment. Developing countries are positioned for stronger growth. But they will face basic risks. World Bank chief Kim said he is concerned that low grain supplies could bring high food prices, hurting the poor.
For VOA Learning English, I'm Alex Villarreal . (Adapted from a radio program broadcast 25Jan2013)