Azernews.Az

WASHINGTON, D.C. – The world economy will grow steadily in 2011-2012 despite entering a stage of slow growth, the World Bank has said.

Developing countries will account for about half of the global growth, the bank said in its latest Global Economic Prospects report.

The bank estimates global growth of 3.3 percent this year following a 3.9 percent rate in 2010.

Emerging and developing countries were expected to expand 6.0 percent, down from a 7.0 percent pace in 2010.

But that was more than double the 2.4 percent rate expected to be clocked by high-income countries this year, slowing from a 2.8 percent rate in 2010.

For 2012, growth in the global economy was seen rising at a 3.6 percent rate. High-income countries are expected to expand by 2.7 percent and developing countries are to speed up just a notch, to 6.1 percent.

The report said that in countries like Azerbaijan, Russia and Kazakhstan, the economic crisis has had a rather insignificant impact due to oil revenues, but economic diversification should be ensured to secure long-term economic development. These countries could boost their private sector growth by improving their investment climate and pursuing judiciary reform, the World Bank said.

Assessing the economies of the Commonwealth of Independent States nations, the World Bank said Azerbaijan, Georgia, Armenia, Belarus, Russia and Uzbekistan posted economic growth in 2010 that exceeded the regional average.

In its projections for the next two years, the report said CIS states like Russia, Ukraine and Uzbekistan will continue to increase their revenues from the exports of hydrocarbons and metals. Turkmenistan will be augmenting its exports as well. In Azerbaijan the rate of economic growth is expected to slightly slow down to 3.5 percent in 2011 but rise to 3.9 percent in 2012.

As for Russia, its economy is predicted to grow 4.2 percent in 2011 compared to 3.8 percent reported in 2010.

According to the report, economic activity in CIS is aided by Russia’s overcoming the crisis. The country’s economic recovery is particularly benefiting Armenia, Moldova and Tajikistan.