World Bank cuts 2013 growth forecast for global economy

  • The World Bank has cut its global growth outlook for 2013 due to a slower-than-expected recovery in developed nations.

    According to figures released in its bi-annual Global Economic Prospects report on Wednesday, the bank said it expected world growth to be 2.4 percent this year compared to the 3 percent forecast in June.

    "What we are seeing is a recovery we anticipated in June being pushed a little further back in time, beginning closer to the end of the first quarter and into the second quarter of 2013, rather than beginning a little earlier," said the bank in its report.

    The World Bank also warned of the affects of the U.S. budget debate in Washington D.C.

    The bank forecasts growth in the U.S. this year of 1.9 percent, which is based on American politicians making progress with regards to the budget.