The report titled - Global Economic Prospects - A fragile recovery - finds that global activity is firming up with manufacturing and trade picking up, confidence improving, and international financing conditions remaining benign.
It pegs world GDP to grow at 2.7 percent in 2017 and 2.9 percent in 2018-19.
But with advanced economies expected to grow at only 1.9 per cent in 2017, emerging and developing economies are expected to drive global growth.
Emerging market and developing economies (EMDEs) are expected to grow at 4.1 percent in 2017 and reach an average of 4.6 percent in 2018-19.
But risks to growth remain. Prominent among them, as the report points out, are "trade protectionism, elevated economic policy uncertainty, the possibility of financial market disruptions, and, over the longer term, weaker potential growth."