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World Bank Cuts Global Growth Forecasts

  • Forecasts world economy to grow 2.9%, down from 3.3% in June
  • Policy makers need to adapt to modest emerging-market growth
Bloomberg business news

World Bank Downgrades Global Growth Forecasts

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The global economy will sputter along this year as China’s slowdown prolongs a commodity slump and contractions endure in Brazil and Russia, the World Bank said.

The Washington-based development bank lowered its forecast for 2016 growth to 2.9 percent, from a 3.3 percent projection in June, according to its bi-annual Global Economic Prospects report released Wednesday. The world economy advanced 2.4 percent last year, less than a forecast of 2.8 percent in June and slower than the 2.6 percent expansion in 2014, the bank said.