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Too Early to Cheer Up
The world economic recovery has stumbled since June due to the European debt crisis and lackluster performance in major economies. Fears of a potential "double-dip" recession in the second half of this year or early next year are growing
Healing the Pain

The World Bank released its Global Economic Prospects 2010 in June, saying global economic recovery is advancing with developing countries leading it. But high-income countries' debt is clouding this outlook. Is the recovery sustainable, especially in the midst of the EU debt crisis? And to what extent are developing countries contributing to the world recovery? In an interview with Beijing Review reporters Yu Shujun and Hu Yue, Hans Timmer, Director of the Development Prospects Group of the World Bank, shared his views on these issues

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Clouded Prospects
While the downturn and recovery of the global economy were remarkable for both its depth and its similarity across countries, the character of the recovery—now more than a year old—is changing
Economic Forecasts

Global GDP is expected to expand by 3.3 percent in 2010 and 2011, rising to 3.5 percent in 2012.

GDP in the East Asia and Pacific region is expected to grow by 8.7 percent in 2010 and 7.8 percent in 2011.

GDP in Europe and Central Asia is projected at 4.1 percent for 2010, 3 percentage points slower than the region's pre-crisis five-year average.

GDP in Latin America and the Caribbean region is forecast to expand by around 4.3 percent each year from 2010 to 2012, after contracting by an estimated 2.3 percent in 2009.

GDP in the Middle East and North Africa region is projected to grow from 4.0 percent in 2010 to 4.3 percent and 4.5 percent in 2011 and 2012, respectively.

GDP in South Asia is expected to grow an average 7.7 percent from 2010 to 2012, compared with the pre-crisis rate of 9.2 percent in 2007.

GDP in the Sub-Saharan Africa region is expected to grow by 4.5 percent, 5.1 percent and 5.4 percent, respectively, over 2010-2012, up from an estimated 1.6 percent in 2009.

(Source: The World Bank's Global Economic Prospects 2010)

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