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Global economy at a turning point: World Bank

Global growth is set to accelerate in 2014 as advanced economies turn a corner five years after the global financial crisis, said the World Bank.

Growth is projected to strengthen to 3.2 percent this year, 3.4 percent in 2015, and 3.6 percent in 2016 – up from 2.4 percent in 2013.

"Most of the acceleration is expected to come from high-income countries, as the drag on growth from fiscal consolidation and policy uncertainty eases and private sector recoveries gain firmer footing," the World Bank wrote in its newly-released Global Economic Prospects report on Wednesday.

Mehmet Kaman | Anadolu Agency | Getty Images

Stronger growth and increased demand from developed nations will be an important tailwind for developing countries and should help compensate for the impending tightening of financial conditions, the Washington-based development bank said.

(Read more: 'Dr. Doom' Roubini gets bullish on global economy)

Growth in high-income countries is forecast to quicken to 2.2 percent this year from 1.3 percent in 2013. Meanwhile, growth in developing countries is estimated to pick up modestly to 5.3 percent from 4.8 percent.

The bank says the withdrawal of quantitative easing and corresponding increase in global interest rates is expected to weigh only modestly on investment and growth in developing countries as capital costs rise and capital flows moderate in line with a global portfolio rebalancing.

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