Growth in Nigeria is expected to rise to 2.2% in 2019, assuming that oil production recovers while a slow improvement in private demand constrains growth in the non-oil industrial sector.
SA's economy expanded only 0.9% in 2018, from a previous estimate of 1%.
"As the outlook for the global economy has darkened, strengthening contingency planning, facilitating trade, and improving access to finance will be crucial to navigate current uncertainties and invigorate growth", said the official.
Urging countries to accelerate reforms, Ms Georgieva said from the Bank's perspective, this is particularly critical for investing in human capital, lowering barriers to higher investments and boost positivity and make sure that they are integrated in the world economy in a way that helps them to expand and grow. "In a nutshell, growth has weakened, trade tensions remain high, several developing economies have experienced financial stress, and risks to the outlook have increased", said Shantayanan Devarajan, senior director, Development Economics Vice Presidency, the World Bank Group.More news: Laerskool Schweizer-Reneke: Concerned parents remove children amid tensions at school
However, the authors of the report predict a short-term slowdown in the growth of the Russian economy in 2019 to 1.5% (lowering the June forecast by 0.3%). India registered quite a bit of pick up in doing business ranking. "The growth momentum is there (in India)", Mr. Kose told PTI.
The U.S. -based bank estimated growth of 1.6 percent in Russian Federation in 2018, and projects 1.8 percent growth in 2020 and 2021.
Domestic demand has strengthened as the benefits of structural reforms such as the Goods and Services Tax (GST) harmonisation and bank recapitalisation take effect.
Ms Georgieva will serve as the interim President of the World Bank after Jim Yong Kim departs the worldwide financial institution on February 1.More news: Second Suspect Charged in Killing of 7-Year-Old Jazmine Barnes
"India's growth accelerated to an estimated 7.3% in FY2018/19 (April to March) as economic activity continued to recover with strong domestic demand".
According to the report, India's GDP is forecast to grow by 7.3% in FY2018/19 and 7.5% thereafter, in line with June forecasts. Besides, it says that the economy is regaining after a temporary slowdown due to demonetisation and the implementation of GST. Bangladesh is expected to register a growth of 7 per cent in 2018-19. Sri Lanka is anticipated to speed up slightly to 4 percent in 2019, and Nepal's growth is expected to slow to 5.9 percent in FY 2018/19.
"India's growth performance has been quite impressive".
In its "2019 Global Economic Prospects" report released late on Tuesday, the World Bank said growth in sub-Saharan Africa was expected to accelerate to 3.4%, despite global expansion being expected to decline to 2.9% as trade and investment weaken. "Year after year it has delivered strong numbers around its potential growth", he said.More news: R. Kelly attorney on sexual abuse allegations