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World Bank tweaks global, U.S. GDP forecast

World Bank tweaks global, U.S. GDP forecast (by Steve Goldstein)

WASHINGTON (MarketWatch) -- The World Bank made a slight reduction to its forecast for 2011 global and U.S. growth, now seeing global growth of 3.2% and U.S. growth of 2.6%, down from its estimate in January of 3.3% global growth and 2.8% U.S. growth. It now expects Japanese growth of just 0.1% this year followed by 2.6% next year, compared to pre-earthquake estimates of 1.8% growth in 2011 and 2% in 2012. "The earthquake and tsunami in Japan and the political turmoil in the Middle East and North Africa have contributed to a modest slowing in global industrial production and trade," the World Bank said in its twice-a-year report. Both monetary and fiscal policy in developing countries may have to tighten more quickly to curb these pressures, while concerns about fiscal sustainability in high-income countries persist.