Almost all major developed economies are expected to see the growth momentum picking up, with average growth projected to accelerate from 1.6 percent in 2014 to 2.2 percent in 2015, according to the report.

In developing countries, average growth is expected to remain at 4.4 percent, about 3 percentage points below the pre-crisis pace, it said.

In particular, most economies in South Asia are expected to experience a strengthening of growth in 2015-2016 on the back of stronger domestic consumption and investment, and a pick-up in exports.

India is now projected to grow by 7.6 percent in 2015 and 7.7 percent in 2016, surpassing the growth of China, which is pegged at 7 percent in 2015 and 6.8 percent in 2016.

As for policy recommendations, WESP underscored the need for strengthened international policy coordination as the member states of the United Nations are expected to adopt a new financing framework for sustainable development, an ambitious sustainable development agenda, and a universal agreement on climate change later this year.