World Bank Sees Poor Global Growth Due to Sluggish Developed Economies

Pushes back recovery estimates

The World Bank sharply cut its 2013 outlook for the world economy on Tuesday, blaming an unexpectedly sluggish recovery in developed countries for holding back global growth.

In its twice-yearly Global Economic Prospects report, the bank forecast that global gross domestic product will inch up 2.4 percent this year from 2.3 percent in 2012. In its last forecast in June, the World Bank projected global growth would reach 3.0 percent in 2013.