Global economy to grow 2.7 percent in 2010, but recovery may slow down: World Bank

The World Bank said that the global economic recovery "that is now underway will slow later this year as the impact of fiscal stimulus wanes." Financial markets remain troubled and private sector demand lags amid high unemployment.

"Overall, these are challenging times," said Justin Lin, World Bank Chief Economist and Senior Vice President, Development Economics.

"The depth of the recession means that even though growth has returned, countries and individuals will continue to feel the pain of the crisis for years to come," he said.

The report warns that while the worst of the financial crisis may be over, the global recovery is fragile. It predicts that the fallout from the crisis will change the landscape for finance and growth over the next 10 years.

Gross domestic product (GDP) -- the wide measure of overall economy -- for developing countries are for a relatively robust recovery, growing 5.2 percent this year and 5.8 percent in 2011 -- up from 1.2 percent in 2009.

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