Global economy, which increased by 3.9 percent in 2010, is expected to grow 3.3 percent this year and 3.6 percent in 2012, according to the Global Economic Prospects 2010, a report released by the World Bank on Wednesday.

"The world economy is entering into a new phase of recovery," said Justin Yifu Lin, the World Bank's chief economist and senior vice president of development economics.

According to the report, developing countries, which were leading engine of the global recovery after the financial crisis, are expected to grow 7 percent in 2010, 6 percent in 2011 and 6.1 percent in 2012.

"They will continue to outstrip growth in high-income countries, which is projected at 2.8 percent in 2010, 2.4 percent in 2011 and 2.7 percent in 2012."

The report predicts China's economy, the biggest emerging economy, is to grow 8.0 percent this year and 7.8 percent in 2012.