The World Bank has revised down its forecast for economic growth in the developing world this year, from 5.3 percent down to 4.8 percent. It would be the third consecutive year of growth below 5 percent for this group of countries. The Bank says that developing nations need to make economic reforms to promote growth. The organisation's President, Jim Yong Kim said, these growth rates are far too modest to create the kind of jobs we need to improve the lives of the poorest 40 per cent.