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World Bank Lowers Global Growth Forecast
The World Bank predicts the global economy will expand 3% in 2015 and 3.3% in 2016.
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The World Bank predicts the global economy will expand 3% in 2015 and 3.3% in 2016. The forecasts compare with June estimates for 3.4% and 3.5% growth rates, respectively.
The bank warns that the world's economy is being driven almost entirely by the U.S., with contribution from the U.K. The eurozone remains stalled, and China's growth has slowed.
The bank's semi-annual economic report says low oil prices will hurt petroleum-exporting countries such as Russia, whose economy is likely to shrink 3% this year and grow only 0.1% in 2016. But cheap oil also will stimulate the economies of oil-import countries such as China and India.
The World Bank expects inflation in the eurozone will reach only 1.1% this year and 1.6% by 2017. The analysis expects inflation in Japan to average 1.2% in 2016 and 1.6% in 2016. Most central banks consider a 2% growth in consumer prices ideal.
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