Cutting its forecast for global growth, the World Bank said that the rising food and fuel prices are taking the wind out of the global economy's recovery this year. The Bank said that the global growth will only be 3.2 per cent in 2011, a 10th point lower than its January estimate and sharply off the 3.8 per cent pace of 2010. The Bank's chief economist Justin Lin said further increases in already high oil and food prices could significantly curb economic growth and hurt the poor.
News On AIR | June 8, 2011 1:09 PM
Rising food and fuel prices taking wind out of global economy's recovery this year: WB