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In its newly-released Global Economic Prospects2 report, the World Bank acknowledged that the world economy remains3 fragile four years after the onset4 of the global financial crisis.
Here is World Bank Group President Jim Yong Kim.
"What we see is the economic recovery remains fragile and uncertain, clouding the prospect1 for rapid improvement and a return to more robust5 economic growth. And the outlook is weak and in both high-income and developing country economies."
The World Bank estimates that global GDP grew 2.3 percent in 2012, 0.3 percent drop from its previous forecast last June. It projects the growth at 2.4 percent this year, before gradually strengthening to 3.1 percent in 2014.
The report attributes more than half of the global growth in 2012 to developing economies which achieved an estimated growth of 5.1 percent last year. The Bank says, strong domestic demand and growing South-South economic linkages6 have underpinned7 developing country resilience to the ongoing8 crisis. The Bank also projects the growth of developing economies at 5.5 percent this year before it rises to 5.7 percent in 2014.
However, the weakness in high-income countries is dampening developing-country growth.
World Bank President Dr. Jim Yong Kim says, despite promising9 and sometimes even courageous10 measures taken in Europe, there are issues remain in the Euro zone. And the United States is trying to deal with its debt and fiscal11 crisis.
"The risks from this situation are substantial, especially for developing countries that have remained remarkably12 resilient thus far. But we can't wait for a return to growth in the high-income countries, so we have to continue to support developing countries in making investments in infrastructure13, in health, in education. This will set the stage for the stronger growth that we know that they can achieve in the future."
The World Bank urges developing countries to ensure their fiscal and monetary14 policies robust and responsive to domestic conditions instead of trying to anticipate every fluctuation15 in developed countries.
Last year developing countries recorded among their slowest economic growth rates of the past decade, partly due to the Euro zone debt crisis. International capital flows to developing countries fell 30 percent in the second quarter of last year.
The World Bank also points out that the hope of a U-shaped recovery of the global economy is changing to a W-shape, meaning it will take longer time to recover.
For CRI, this is Xiaohong, reporting from Washington.
点击收听单词发音
1 prospect | |
n.前景,前途;景色,视野 | |
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2 prospects | |
n.希望,前途(恒为复数) | |
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3 remains | |
n.剩余物,残留物;遗体,遗迹 | |
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4 onset | |
n.进攻,袭击,开始,突然开始 | |
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5 robust | |
adj.强壮的,强健的,粗野的,需要体力的,浓的 | |
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6 linkages | |
n.连接( linkage的名词复数 );结合;联系;联动装置 | |
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7 underpinned | |
v.用砖石结构等从下面支撑(墙等)( underpin的过去式和过去分词 );加固(墙等)的基础;为(论据、主张等)打下基础;加强 | |
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8 ongoing | |
adj.进行中的,前进的 | |
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9 promising | |
adj.有希望的,有前途的 | |
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10 courageous | |
adj.勇敢的,有胆量的 | |
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11 fiscal | |
adj.财政的,会计的,国库的,国库岁入的 | |
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12 remarkably | |
ad.不同寻常地,相当地 | |
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13 infrastructure | |
n.下部构造,下部组织,基础结构,基础设施 | |
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14 monetary | |
adj.货币的,钱的;通货的;金融的;财政的 | |
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15 fluctuation | |
n.(物价的)波动,涨落;周期性变动;脉动 | |
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