Citicorp forecasts modest global growth in ’13 at 2.6%, ’14 at 3.1%


TAIPEI — The global economy is forecast to grow at a modest pace in the near term as it is shifting dependence from developed countries to emerging markets, a visiting economist said yesterday. The global economy will grow 2.6 percent this year and 3.1 percent in 2014, compared with a 2.5-percent increase last year, according to Hamid Biglari, head of emerging markets and vice chairman of Citicorp, the strategic operating arm of U.S. bank Citigroup Inc.

“2013 is likely to be another year of modest global growth,” Biglari said at the CommonWealth Economic Forum in Taipei.

“The good news is that we expect this modest near-term global growth to give way to faster expansion of 3.5 to 4 percent per year in the 2015 to 2017 timeframe,” he said.