OREANDA-NEWS. December 16, 2008. This forecast is contained in WB experts report "Global Economic Prospects-2009" and regional review for Europe and Central Asia.

WB specified that because of the global financial crisis, immediate prospects for economic growth in developing countries are uncertain. It is stated that the volume of the world trade is likely to decrease - the first time since 1982. Slowing economical pace has led to collapse in the raw materials prices.

The WB report concluded that the world economy transits from the extended period of accelerated economic growth to deep uncertainty, as the financial crisis in developed countries has caused shocks at the world markets. The report predicted that in 2008 the world GDP’s growth will make 2.5% vs. 0,9% in 2009. Economic growth in developing countries is likely to slow down and will make 4.5% (as compared with 7.9% in 2007).

As the Chief Economist and Senior Vice President of the World Bank on economic development Justine Liin has noted, the residents of the developing countries have to overcome the consequences of two large-scale external shocks – growth in the food and fuel prices and financial crisis, which affects the banking system and can cause job cuts worldwide.

He said that it is necessary to undertake urgent measures on mitigating negative impacts of the crisis on the real economy and the poor by launching projects on improving road and rail networks, educational systems and health care.

Because of the crisis, group of WB organizations announced expansion of its support to developing countries, including reservation of the new loans of up to US100 billion dollars for the next three years, as well as from IFC - establishments of the Group, providing support to the private sector - in the form of trade finance facilities, recapitalization of banks and promotion of infrastructure projects, financed by the private sector.