Bulgarian economy will see a 1.7% growth in 2014, and 2.4% and 2.8% respectively in the next two years, according the latest report of the World Bank.

The financial organization has lowered its forecast in terms of global economic growth to 2.8 percent for 2014 and 3.4% for next year. This is due to the poorer prospects for the US, Russia and China, Money.bg informs.

The forecast growth for developed economies comes up to 1.9%, and for countries with developing economies – to 4.8%. The World Bank states several reasons for the weak growth, among which are the adverse weather conditions in the US earlier this year, the crisis in Ukraine, and the rebalancing of the Chinese economy.

As for Europe and Central Asia, the World Bank reported a modest recovery in developing countries at the beginning of the year, despite the impact of the crisis in Ukraine. There has been an increase in industrial production due to export growth in the eurozone. Overall, the organization claims that the current situation in Ukraine accounts for a 1% decline of economic growth in the region.