Although the global economy will dip, economies in East Asia may still see strong growth, according to the WB Report on the 2008 Global Economic Prospects released on January 9. The report said that developing countries have shown that they have been able to sustain their development despite the downturn in the US economy over the past year. As a result, their average growth rate is likely to be 7.1 per cent in 2008 while that of high-income nations will trail at 2.2 per cent. As the WB forecasts, the world economic growth rate in the next two years will drop so developing nations should boost their ability to absorb advanced technologies and thereby laying the firm foundations for their future development. The global economic growth rate stood at 3.6 per cent in 2007 in contrast to 3.9 per cent in 2006 due to the slowdown in the developed countries. Unfortunately, the global growth rate will decline further to 3.3 per cent in 2008, according to WB forecasts. In the report WB noted that the weak US dollar, the slow pace of the US economy and the likely recession in its financial market are the core causes of the situation….
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