SEOUL, June 22 The World Bank warned on Monday
prospects for the global economy remained "unusually uncertain"
despite recent signs of improvement in parts of the world and
cut its 2009 growth forecasts for most economies.
The World Bank, which has recently cut its forecast for the
global economy to a contraction of 2.9 percent from a
projection for a 1.7 percent decline set in March, released
details on individual economies for the first time on Monday.
It also called on the governments around the world for
"vigilance" in drawing up exit strategy to reverse the recently
expansionary monetary and fiscal policy once the world economy
takes off for recovery.
The bank said in a Global Development Finance report
released on the sidelines of an international conference in
Seoul that the unprecedented expansionary policy could result
in heavy adverse effects on the future policy if maintained
after the recovery.
Following are the World Bank's revised gross domestic
product forecasts for 2009 and 2010 for major economies.
(percent change in calendar 2009 over a year earlier unless
revised prev revised prev
World -2.9 -1.7 2.0 2.3
Euro Area -4.5 -2.7 0.5 0.9
Japan -6.8 -5.3 1.0 1.5
United States -3.0 -2.4 1.8 2.0
*China 7.2 6.5 7.7 7.5
Russia -7.5 -4.5 2.5 0.0
Brazil -1.1 0.5 2.5 3.2
^India 5.1 4.0 8.0 7.0
* Updated forecasts for China were first released on June 18
^ Forecasts on a fiscal year basis
(Reporting by Yoo Choonsik; Editing by Kazunori Takada)