Global economic prospects to improve in 2015!

Developing countries should see an uptick in economic growth this year, according to the World Bank, in a report released this week January 2015.

The Bank's Global Economic Prospects report is predicting a 4.8 per cent growth in 2015 up from 4.5 per cent in 2014.

Ayhan Kose, Director of Development Prospects for the World Bank Group explains why prospects look good for developing countries.

"There are several reasons for this outcome. First, easy financing conditions still around. Second, the plunging oil prices have been helping a number of developing economies. Third, some of the developing economies have been able to overcome their domestic challenges."

The report says that after growing by an estimated 2.6 per cent in 2014, the global economy is projected to expand by 3.3 per cent this year and 3.2 per cent in 2015.

Growth in developing countries is expected to reach 5.4 per cent in 2017.

*GKNews