Global economic growth is expected to speed up this year

WASHINGTON — After a long and lumpy recovery, the world economy may finally be at a turning point with global growth expected to accelerate this year behind the rising strength of the U.S. and other major developed countries.

But world finance leaders are warning of lingering effects of the last recession and, in particular, citing some growing threats — capital flight in developing countries and deflation in rich nations.

"With inflation running below many central banks' targets, we see rising risks of deflation, which could prove disastrous for the recovery," Christine Lagarde, managing director of the International Monetary Fund, said Wednesday in a Washington...