After another disappointing year in 2014, developing countries should see an uptick in growth this year, according to a World Bank report.
Developing countries will be boosted, in part, by soft oil prices, a stronger US economy, continued low global interest rates, and receding domestic headwinds in several large emerging markets, according to the WB Group's Global Economic Prospects (GEP) report.
After growing by an estimated 2.6 percent in 2014, the global economy is projected to expand by three percent this year, 3.3 percent in 2016 and 3.2 percent in 2017, predicts the Bank's twice-yearly flagship.
Developing countries grew by 4.4 percent in 2014 and are expected to edge up to 4.8 percent in 2015, strengthening to 5.3 and 5.4 percent in 2016 and 2017, respectively.
"In this uncertain economic environment, developing countries need to judiciously deploy their resources to support social programs with a laser-like focus on the poor and undertake structural reforms that invest in people," said World Bank Group President Jim Yong Kim
"It's also critical for countries to remove any unnecessary roadblocks for private sector investment. The private sector is by far the greatest source of jobs and that can lift hundreds of millions of people out of poverty."