WB: Global GDP to contract 2.9%

In its annual development finance report, the World Bank sees developing countries grow a measley 1.2% versus its 5.9% performance in 2008 and a much better 8.1% the year prior. One contributing factor is the significant drop in net private capital inflows, dropping 41% in developing countries last year and another 48% this year.

A breakdown of the GDP predictions are as follows:

  • East Asia and the Pacific: positive 6.6% in 2010.
  • Europe and Central Asia: negative 4.7% in 2009 and positive 1.6% next year.
  • Latin America and the Caribbean: negative 2.3% in 2009 and positive 2% next year.
  • Middle East and North Africa: positive 2.1% in 2009 (cut in half) and positive 3.8% next year.
  • South Asia: positive 4.6% in 2009 and positive 7% next year.
  • Sub-Saharan Africa: positive 1% in 2009 and positive 3.7% next year.

Read more on the WSJ.

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