( CNN ) -- Both the International Monetary Fund and the World Bank gave their updated projections on the global economy ahead of this week 's G8 Summit in North Ireland . It was not pretty reading . In a nutshell , according to the World Bank , it looks like this : . Global growth is stable , but slow . It is now forecast to reach 2.2 % from last year 's 2.3 % . The industrialized countries are barely sputtering along . The 34 countries that are members of the OECD will be just above 1 % and the developing countries just over 5 % this year and a hair over 5.5 % through 2015 . But tucked into the World Bank `` Global Economic Prospects '' report is an interesting caveat ; developing country performance would be much lower without the two pillars of emerging markets and the two anchor members of the BRICS : China and India . READ MORE : Does Brazil deserve to be the ' B ' in BRIC ? Strip them out of the equation , according to the World Bank , and developing countries see their top line number come down to 3.6 % this year -- a full 1.5 % lower . That spread should be consistent through 2015 , according to the forecasts . Two points were given more than their fair share of market and media coverage last week . The World Bank cut its projections from China quite severely to 7.7 % , down more than 0.5 % . The view was circulated that the BRICS have lost their luster ; in essence their better days are far behind them . Andrew Burns , author of the World Bank report , said that investors should adjust their expectations . There will be a `` new normal for developing countries of slower growth , '' Burns suggested . However , referring to the 2008 -- 2009 global financial crisis , he said the overall environment `` will be more stable because we put behind us the very serious risks . '' The past week of trading was a nasty one for emerging market countries . Their equity markets and currencies remain under pressure on fears that the U.S. Federal Reserve may alter course on its bond purchases and thereafter raise interest rates if necessary . READ MORE : Building on the BRICs . `` It is robust growth , strong growth , growth we should be happy with , '' Burns said . `` But well off the highs that we saw in the earlier part of the last decade . '' Perhaps what we should be doing , however , is looking at China and India . The two countries posted their worst performances in more than a decade last year , but the weight of two and a half billion people and their demand for commodities to fuel growth ( even at a slower pace ) are the developing world 's two pillars . Rising demand in the emerging world has led to a 17.6 % increase in South-South trade for the last decade . In another major shift , half of the products made in emerging markets now goes to partners in other emerging markets . The emerging markets are less dependent on the developed world than ever before . READ MORE : China spaceship blasts off . But this is an important period of transition which is far from complete . China is trying to move away from being an economy overly dependent on exports and government investment to one that benefits from domestic-led demand . India , other strategists suggest , needs to unleash growth by cutting the size and role of government . A decade ago , after investment bank Goldman Sachs authored the BRIC acronym , these countries were lulled into thinking that commodity demand would be a one way bet that would override a need to accelerate economic reforms . READ MORE : World 's most powerful leaders meet . This is evident is both Brazil and Russia , which are struggling to recover after the financial crisis . Brazil , according to the World Bank , is projected to bounce back to 2.9 % this year after struggling at below 1 % in 2012 . Russia 's growth is pegged at just 2 % to 3 % in 2013 , despite North Sea Brent oil prices hovering at $ 100 a barrel for three years running . Both of these countries should be experiencing a `` halo effect '' of sorts , with two things in common . Both have landed the hosting of two global sporting events : The FIFA World Cups and Olympic Games between 2014 and 2018 . They will be on the global radar for sporting fans , opening the way for substantial visitor growth . But re-energizing these economies is not that simple . Brazil is trying to contain a protest movement with many feeling alienated by the infrastructure buildout and rising cost of transport . Last autumn , Russians took to the streets again frustrated they are not seeing the fruits of middle income growth . The games may begin from 2014 , but both these countries may miss the full benefits of golden opportunities to promote the next wave of growth .
The International Monetary Fund and the World Bank have updated their global economic projections . The new projections make for ugly reading , with a slowdown still apparent in the global economy . But there is an interesting caveat in the World Bank 's outlook on the emerging market economy . Two members of the BRICS are emerging as the globe 's economic pillars .