Modest global growth, US recession: World Bank

The global economy is expected to slow to a modest 3.3% growth pace this year, but the pace could worsen if the United States slips into recession, the World Bank said Tuesday. Despite financial turmoil unleashed by a meltdown in the US mortgage market, global growth slowed in 2007 to 3.6% from 3.9% rate in 2006, the Bank said in a report titled “Global Economic Prospects 2008.” Most of the 2007 slowdown was due to weaker growth in high-income countries. Developing countries cushioned the blow with robust 7.4% growth, virtually unchanged from 2006.

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Modest-global-growth-US-reces.html