WASHINGTON: The World Bank lowered its projection Tuesday for global economic growth this year, as developing countries head for “disappointing growth” while high-income countries gain momentum.

The Washington-based institution forecasts the global economy to grow 2.8 percent this year, down from its January estimate of 3.2 percent, according to its twice-yearly Global Economic Prospects report.

“Developing countries are headed for a year of disappointing growth, as first quarter weakness in 2014 has delayed an expected pick-up in economic activity,” the report said.

Bad weather in the United States, the Ukraine crisis, rebalancing in China and political strife in several middle-income economies slowed progress on structural reform, it said.

The bank lowered its forecasts for developing countries to a growth of 4.8 percent this year from its January estimate of 5.3 percent, the third year in a row of below 5 percent growth. However, growth is forecast to pick up to 5.4 percent in 2015 and 5.5 percent in 2016.

China was expected to grow 7.6 percent this year, slightly down from the January estimate of 7.7 percent, the bank said.

—Xinhua