Washington, Jan 13(NI): The global economy is expected to grow 3.3 percent this year and 3.6 percent in 2012, according to a report released by the World Bank.
According to the report 'the Global Economic Prospects 2010', developing countries are expected to grow six percent in 2011 and 6.1 percent in 2012.
"They will continue to outstrip growth in high-income countries, which is projected at 2.8 percent in 2010, 2.4 percent in 2011 and 2.7 percent in 2012," Xinhua news agency quoted Justin Yifu Lin, the World Bank's chief economist and senior vice president of development economics, as saying.
"The world economy is entering into a new phase of recovery," he added.
The report also predicts that China's economy is to grow 8.0 percent this year and 7.8 percent in 2012.
"For China, domestic demand contributed some 7.8 percentage points to overall growth of 10 percent in 2010, with net trade contributing the remainder," the annual report said. (ANI)