Global GDP will grow 3.1 percent next year, according to the Conference Board, a global economic forecaster.
It’s an improvement from just 2.8 percent in 2013, but recovery from the financial crisis is still slow for many countries.
“The world’s major economies still face many structural flaws and policy constraints that hinder investment and faster productivity growth,” the report reads.
The U.S. economy will grow by 2.3 percent next year, up from just 1.6 percent in 2013.
Meanwhile, China, which grew 9.2 percent between 2010 and 2012, is slowing down. The data predicts that Chinese GDP will increase by 7 percent 2014, and projects an average of 3.5 percent growth between 2020 and 2025.
Though the Chinese slowdown will impact growth of emerging and developing countries, emerging markets are still on the rise.
In 2000, they accounted for roughly one-third of all global growth, but by 2025 they will capture just over half of the world GDP growth.
“Opportunities for renewed growth are now more visible than ever,” reads a press release from the Conference Boards, “especially in terms of the emerging middle class and, globally, better use of technology.”
Kathleen is a money junior reporter at International Business Times....