The World Bank on Wednesday lowered its growth estimate for the global economy in 2013, but said that expansion appeared better balanced than just before the 2008 financial crisis.

The global economy was expected to grow at an annual rate of 2.2 percent this year, led by a 5.1 percent surge in developing countries, down from a January estimate of a 2.4 percent.

Growth in high-income countries was notably dampened by the recession-mired eurozone. Unsurprisingly, the sharpest downward revision was for the 17-nation bloc, where a contraction of 0.6 percent was seen, down from the prior estimate of a 0.1 percent dip.

Collateral damage from the eurozone crisis continued to be felt in the Middle East and North Africa region, one of the eurozone's most important trade partners.

The MENA economies, projected to grow 2.5 percent, were still feeling the impact of political and social tensions from the Arab Spring, though there were signs of improvement in Tunisia and Morocco, Bank experts said.

Sub-Saharan Africa should do better this year, with growth accelerating to 4.9 percent from 4.4 percent in 2012, supported by "robust domestic demand factors" and increased money flows from workers abroad.

Overall, the World Bank said that economic risks appeared to be diminishing and growth was more stable than in the buildup to the US-centered 2008 financial crisis that pitched the global economy into recession.

(Source: AFP)