The World Bank has downgraded its global economic growth projections from its previousestimates.
In its latest Global Economic Prospects (GEP) report, the bank stated thatafter growing by an estimated 2.6% in 2014, the global economy is projected to expand by3% this year, 3.3% in 2016 and 3.2% in 2017, predicts the Bank's twice-yearly flagshipupdate.
The growth projections are scaled down from June 2014 growth projections of 3.4%and 3.5% for 2015 and 2016, respectively. Developing countries grew by 4.4% in 2014 andare expected to edge up to 4.8% in 2015, strengthening to 5.3% and 5.4% in 2016 and 2017,respectively.
The bank noted that developing countries should see an uptick in growth thisyear, boosted in part by soft oil prices, a stronger US economy, continued low globalinterest rates, and receding domestic headwinds in several large emerging markets.
In its latest Global Economic Prospects (GEP) report, the bank stated thatafter growing by an estimated 2.6% in 2014, the global economy is projected to expand by3% this year, 3.3% in 2016 and 3.2% in 2017, predicts the Bank's twice-yearly flagshipupdate.
The growth projections are scaled down from June 2014 growth projections of 3.4%and 3.5% for 2015 and 2016, respectively. Developing countries grew by 4.4% in 2014 andare expected to edge up to 4.8% in 2015, strengthening to 5.3% and 5.4% in 2016 and 2017,respectively.
The bank noted that developing countries should see an uptick in growth thisyear, boosted in part by soft oil prices, a stronger US economy, continued low globalinterest rates, and receding domestic headwinds in several large emerging markets.
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