Developing countries on track for 'new normal' of muted economic expansion, global lender warns

Despite receding risks from advanced economies, global growth is likely to be "muted" for the next few years as expansion in China and other developing countries slows, the World Bank forecasts in a new report.

Global GDP is expected to grow by 2.2 percent this year before strengthening to 3 percent and 3.3 percent in 2014 and 2015, respectively, the lending institution said in its semiannual Global Economic Prospects report, published on Wednesday.