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Global economic growth will slow down
Global economic growth will slow down to 3.3% in 2008 from 3.6% in 2007, the World Bank said in a report published on Wednesday.

According to the report, Global Economic Prospects 2008, the world economy will grow slower in 2008 due to the financial turmoil provoked by the U.S. subprime mortgage loan crisis, high energy prices and volatile exchange rates.

"Global growth in 2008 should moderate to 3.3%, as the robust expansion in developing countries partly compensates for weaker results in high-income countries," the report said.

According to the report, global output is expected to pick up in 2009 and expand 3.6% as the U.S. economy regains momentum.

The World Bank said global economic output continues to depend on the U.S. economy.

"External demand for the products of developing countries could weaken much more sharply and commodity prices could decline, if the faltering U.S. housing market or further financial turmoil were to push the United States into a recession," the report said.

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