The slowdown is expected to start in the advanced economies, with growth to "moderate slightly" from 2.3 percent previous year to 2.2 percent in 2018, and slow to just 1.7 percent by 2020.
Russian Federation is expected to expand by 1.7 percent in 2018, unchanged from its estimated growth rate in 2017, and Turkey is projected to moderate to 3.5 percent this year from 6.7 percent in the year just ended.
"We think the single most important difference from the June report is better-than-expected [economic] activity in many parts of the world and how we upgraded our forecasts". The worldwide economy as a whole grew past year at a stronger-than-expected 3 percent.
However, the bank is anxious about the longer term.
"The broad-based recovery in global growth is encouraging, but this is no time for complacency", said World Bank Group president Jim Yong Kim.More news: Toyota and Mazda announce Alabama plant
The World Bank predicts that the global economy will grow 3.1 percent this year, which would be its best showing in seven years.
India needs to take steps to boost investment prospects to realize and exceed its potential, Kose pointed out.
According to the worldwide financial institution, the GDP growth of Bangladesh came down to 6.4% in 2017, compared to the 7.2% achieved in the previous fiscal year. "I would look at the big picture for India, and the big picture is telling us that it has enormous potential". The government's Seventh Five-Year Plan aims to achieve 7.4 percent GDP growth annually for 2015-16 and 2019-20. Structural policies-including education, health, labor market, governance, and business climate reforms-could help bolster potential growth, according to the report. "Higher realisations in steel, aluminium, cement and crude oil-linked sectors, and a pick-up in consumption-driven sectors such as auto, airlines, and retail, along with resolution of GST-linked issues are expected to have lifted growth", CRISIL said in the report.
The World Bank has trimmed down Zimbabwe's 2018 growth projection to 0,9 percent from the 1.8 percent that it projected in June a year ago.
The WB report said commodity importers across Asia continued to register solid growth, in line with potential rates, supported by robust domestic demand and strengthening exports. The estimate for 2018 was revised down from 7.5 percent and that for 2019 from 7.7 percent.
Prof Selim, who is also the executive director of South Asian Network on Economic Modeling or SANEM, said the indicators, based on which the BBS counts growth, have inconsistencies. "A drop in commodity prices, steeper-than-anticipated global interest rate increases, and inadequate efforts to ameliorate debt dynamics could set back economic growth", it said.