Oil and Food Prices Slow Global Growth, Says World Bank

Manila Bulletin, June 8, 2011 | Go to article overview

Oil and Food Prices Slow Global Growth, Says World Bank


WASHINGTON, June 8 (AFP) - Rising food and fuel prices are taking the wind out of the global economy's recovery this year, the World Bank said Tuesday, cutting its forecast for global growth.

The Bank projected said global growth will only be 3.2 percent in 2011, a tenth point lower than its January estimate and sharply off the 3.8 percent pace of 2010.

The Washington-based development lender expected in its biannual Global Economic Prospects report that the world economy would rebound in 2012.

''But further increases in already high oil and food prices could significantly curb economic growth and hurt the poor,'' said Justin Lin, the Bank's chief economist.

High-income countries at the nexus of the 2008-2009 global financial crisis were still struggling to recover. Growth would slow from 2.7 percent in 2010 to 2.2 percent in 2011, slower than the previous 2.4 percent estimate.

The rich countries ''have the largest amount of restructuring to do,'' said Andrew Burns, lead author of the report, at a news conference at the Bank's Washington headquarters.

Burns said the United States was in ''a growth pause'' but a double-dip recession was ''not likely'' - echoing US President Barack Obama's statement earlier Tuesday that he was ''not concerned about a double-dip recession.''

The world's biggest economy was expected to grow a feeble 2. …

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