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.

Comments

[Sevo]

"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."

Uh, OK, and does the WB think there might be a reason for that slow growth?
Might it have something to do with those who think Marx was right, but a bit too radical? Something like that?

[Sevo]

..."growth in advanced economies should reach 1.3 percent this year weighed down by spending cuts, high unemployment and weak consumer and business confidence"...
One of those doesn't belong.

[Sevo]

Finally
"Policy uncertainty (in the United States) has already dampened growth,"
That's one way of putting it...