World Bank sees sluggish economic outlook

A sluggish global economic outlook, with slower growth in the next 12 to 18 months than previously anticipated, will impede poverty reduction in developing countries, according to a new World Bank report. Action to remove barriers to trade and investment that hurt poor people in developing countries is becoming increasingly urgent.

According to Global Economic Prospects and the Developing Countries 2003: Investing to Unlock Global Opportunities, uncertainties in global financial markets have sapped the momentum of the modest recovery that began in late 2001. The report outlines steps that rich countries and developing countries can take in the current uncertain environment to increase growth rates and speed poverty reduction in developing countries.

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(source: Worldbank)

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