Iran is seen slowing to a 4 per cent growth rate before accelerating modestly to a 4.1 per cent pace in 2018 as limited spare capacity in oil production and difficulty in accessing finance weigh on the country's growth, a World Bank report said.

The report titled “Global Economic Prospects”  forecasts that global economic growth will strengthen to 2.7 per cent in 2017 as a pickup in manufacturing and trade, rising market confidence, and stabilizing commodity prices allow growth to resume in commodity-exporting emerging market and developing economies, said Irna.

According to the World Bank's June 2017 Global Economic Prospects, growth in advanced economies is expected to accelerate to 1.9 per cent in 2017, which will also benefit the trading partners of these countries.

Global financing conditions remain favourable and commodity prices have stabilized. Against this improving international backdrop, growth in emerging market and developing economies as a whole will pick up to 4.1 per cent this year from 3.5 per cent in 2016.