Developing economies to slow sharply in '09

Economic growth in the developing world is expected to slow sharply in 2009 as the global economy deteriorates, the World Bank said yesterday.

Gross domestic product (GDP) in the developing world will grow by just 2.1 percent this year, sharply down from the 5.8 percent growth rate in 2008, the bank predicted in its Global Economic Prospects update.

The projected pace of growth, which is also sharply slower than the 4.4 percent growth the bank forecast for the developing world in November 2008, reflects the rapid deterioration of global financial and economic conditions.