The World Bank cuts forecast emerging economies such as Indonesia and India this year from 5.3% to 4.8%

Developing countries like India are required to undertake economic reforms.

The World Bank cuts forecast emerging economies such as Indonesia and India this year from 5.3% to 4.8%


The World Bank revised its projection of economic growth in developing countries this year from 5.3% to 4.8%.

If these estimates are correct, this being the third year of economic growth to be below 5%.

They said developing countries should reform the economy to encourage growth.

The World Bank said the economic performance of these regions as "disappointing thing."

World Bank President Jim Yong Kim said growth "is too low to be able to increase employment to 40% of the poor in the region could be lifted welfare."

The decrease is caused by the impact of the economic projections Ukrainian crisis, bad weather in the United States, and other factors.

The World Bank said that a number of these factors are temporary and in 2015 they expect developing countries to record a growth rate of 5.5%.

Growth will be driven by the strengthening of the economy in many rich countries in the world, especially the U.S. and Europe.

Government of India has revealed the new economic reform program with the goal of creating new jobs and support for foreign investment.

The announcement by President Pranab Mukherjee also mentioned a plan to simplify the tax system and reduce inflation.

Reforms to the industry including direct private investment to the security sector and coal.

He expressed the hope India to create Hubunngan well with neighboring countries as well as participation to combat violence against women.

Murkhejee speech in front of parliament addressed to the members of the new parliament is elected through absolute victory of Prime Minister Narendra Modi in elections last month.

Mukherjee said the government will introduce a new tax system, which supports investment and facilitate licensing for large business projects.

Messages will be welcomed anti-inflation central bankers Raghuram Rajan, who contributed to lower interest rates to rein in consumer prices.

India's economic expansion slowed significantly, with growth of 4.7% in the financial year 2013-2014 or below 5% for two consecutive years.

BBC