World economy to grow slower this year

Global economy is expected to grow 3.8 percent in 2011, a slower pace than what was projected in spring, according to a report released by a leading think tank in Washington on Friday. After solid performance across most of the world economy early this year, global growth slowed significantly in the spring and yet shows little sign of accelerating, said Michael Mussa, senior fellow of Peterson Institute for International Economics in his semiannual meeting on global economic prospects.World growth in 2011 will be more than one percentage points lower than the 5 percent growth rate in 2010, said Mussa, former chief economist of the International Monetary Fund (IMF).In his new project, Mussa saw growth in the advanced economies will probably fall below 2 percent, a pace lower than his forecast of 2.7 percent in April. Emerging market and developing countries will continue to show robust prospect, with growth rate in 2011 reaching 5.9 percent. Among them, China, the leading emerging market, will grow 9.2 percent in 2011.Mussa said that he sees modestly acceleration of world economy in 2012. However, the sovereign debt crisis in Europe and the uncertainties in the United States remain key challenges for the global economy.