The World Bank’s Global Economic Prospects (GEP) mid-year report for 2011 released on Tuesday said that Guyana’s Gross Domestic Product (GDP) will grow by 5.1% this year with greater growth of 5.6% projected for 2013, even as there are threats to the United States economy and the struggle by European countries.
The report said that the economies of Latin America expanded ‘at a pace near or above potential’ and that growth for South America was particularly strong, credited to robust domestic demand, accommodative external financing conditions in cases of countries integrated with the global financial system, and high commodity prices in cases of commodity exporters.
Haiti’s projected high score is based on aid inflows from developing countries towards its rebuilding effort following the massive earthquake on January 12, 2010.
The Bank’s GEP examines growth trends and their impact on developing countries and also provides a three-year outlook for the global economy and long term global scenarios which look 10 years into the future.
The World Bank predicts growth of 5.4% for developing countries in 2012 and 1.4% for high income countries, down from its forecasts of 6.2% and 2.7% respectively in June.
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