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An updated version of Global Economic Prospects, a World Bank report, has projected that Ghana will become the fastest growing economy in sub-Saharan Africa as it has begun the export of oil. The revised report, released Tuesday in Accra, said Ghana�s economy will grow at a rate of 13.4 percent this year compared to 12.3 percent earlier predicted by government. The report however stated that downside risks including rising budget and external debts could create instability in the macroeconomic front. So far, Ghana has bagged over $300 million after recently lifting 994, 691 barrels of crude oil from the FPSO Kwame Nkrumah using a Belgian vessel � MT �FELICITY,� through the Ghana National Petroleum Corporation (GNPC). �Over the medium term, growth will be driven by the nascent oil sector with production expected to average 120,000 barrels per day, with the possibility of higher output, as recent new discoveries also come on stream,� the report added. It continued that further increased investments in the gold mining industry and productivity gains in the cocoa sector should further boost export revenues. It also applauded the business confidence, stating that the services sector will continue to see strong inflows of private investments, particularly in the construction and telecommunications sector, to further lend support to growth. Meanwhile, the World Bank has projected that growth in developing countries will slow from 7.3 percent in 2010 to around 6.3 percent each year from 2011 to 2013 as the countries reach full capacity. The Bretton Woods institution also said high-income countries will witness a reduction in growth from 2.7 percent in 2010 to 2.2 percent in 2011 before increasing by 2.7 percent and 2.6 percent in 2012 and 2013 respectively. �Globally, GDP is expected to grow 3.2 percent in 2011 before edging up to 3.6 percent in 2012,� said Justin Yifu Lin, the World Bank�s Chief Economist and Senior Vice President for Development Economics. �But further increases in already high oil and food prices could significantly curb economic growth and hurt the poor.� On the risk side, high food prices and a rise in oil prices pose threats to global economic growth. Prices of globally traded food products have risen significantly since June 2010. In April 2011, global prices were up by 103.2 percent for maize, 74.1 percent for wheat, 94.6 percent for sorghum and 38.4 percent for oil palm. Political risks associated with elections in 2011 and 2012 in most sub-Saharan African countries posed critical threats. �Though the past decade has witnessed a number of smooth power transitions in many countries in the region, there still remain a number of instances where political developments have been a deterrent to economic activities.� In 2010, growth prospects in Madagascar, the Comoros Islands, Cote d�lvoire and Guinea were affected adversely by political unrests.