World Bank cuts global economic growth forecast to 2.2 pc

The World Bank has cut its outlook for global growth.

The Bank said the economy should expand more slowly in 2013 than last year, citing a deeper-than-expected recession in Europe and a recent slowdown in some emerging markets.

According to Fox News, in its twice-yearly Global Economic Prospects report, it warned that large developing economies will not experience the same boom as they did before the global financial crisis.

It said these economies will have to focus on structural reforms to keep expanding.

The bank forecast the world's gross domestic product will grow 2.2 percent this year, slightly below last year's growth of 2.3 percent.

Andrew Burns, the report's lead author, said the global economy should be less volatile in the future, but growth should slow.

The bank estimates the global economy will expand after this year's trough to 3 percent in 2014 and to 3.3 percent in 2015.

The World Bank said that part of that new normal will be slower growth rates in countries like Brazil, India, Russia and China, as commodities prices moderate and countries rebalance their economies, the report added.