Global economy at turning point, says World Bank

<p>The World Bank has issued its latest forecast for the global economy.</p>

The global economy has been described by the World Bank as being at a turning point.

In the latest Global Economic Prospects report, it is claimed that advanced economies are turning the corner five years after the financial crash.

Kaushik Basu, senior vice president and chief economist at the World Bank, stated that global economic indicators are showing improvement.

He said: "But one does not have to be especially astute to see there are dangers that lurk beneath the surface. The euro area is out of recession but per capita incomes are still declining in several countries."

The World Bank is now forecasting developing country growth to rise above five per cent in 2014, with some countries set to do much better. Angola's growth is predicted to be eight per cent, China's 7.7 per cent and India's at 6.2 per cent.

World Bank's Global Economic Prospects report comes shortly after the head of the International Monetary Fund Christine Lagarde revealed that the body will soon upwardly revise its global growth forecasts.

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