Emerging markets will act as shock absorbers for the global economy, cushioning the impact of the US downturn and ensuring the world continues to grow at a decent rate this year, the World Bank says in a report published on Tuesday.

The Global Economic Prospects study forecasts that growth in developing countries will slow only a fraction this year, to 7.1 per cent from 7.4 per cent, and their strong performance will underpin global growth of 3.3 per cent in dollar terms.