Abuja – The World Bank has projected that the growth of Gross Domestic Product (GDP)  of   developing nations  will slow from 7.3 per cent in 2010 to 6.3 from 2011 to 2013.

This was contained in a statement signed by Mr David Theis, World Bank Communication Officer on Tuesday in Abuja.

“ The World Bank projects that as developing countries reach full capacity, growth will slow from 7.3 per cent in 2010 to around 6.3 per cent each year from 2011_2013.

“High income countries will see growth slow from 2.7 per cent in 2010 to 2.2 per cent in 2011 before picking up to 2.7 per cent and 2.6 per cent in 2012 and 2013 respectively,’’ it said.

The statement quoted Mr Justin Yifu Lin, World Bank Chief economist, as also saying  that globally, GDP was expected to grow 3.2 per cent in 2011 before edging up to 3.6 per cent in 2012.

It said that further increases in already high oil and food prices could curb economic growth and hurt the poor.

The statement noted that developing countries needed to focus on tackling country-specific challenges such as achieving balanced growth through structural reforms.

Others, it added, were coping with inflationary pressures and dealing with high commodity prices.

It noted that prospects for high-income countries and many of Europe’s developing countries remain clouded by crisis-related problems such as high unemployment, household and banking-sector budget consolidation and concerns over fiscal sustainability. (NAN)