The World Bank has revised its 2016 global growth forecast to 2.4 percent in June, down from the 2.9 percent predicted in January. China is forecast to grow at 6.7 percent, after 6.9 percent last year, and India’s robust economic expansion is expected to hold steady at 7.6 percent, but Brazil and Russia are projected to remain in deeper recessions than was forecast in January, according to the latest update of the World Bank’s Global Economic Prospects report.
The overall reduction is due to sluggish growth in advanced economies, low commodity prices, weak global trade, and diminishing capital flows. Commodity-importing emerging markets and developing economies have been more resilient than exporters as nations have struggled to adapt to lower prices for oil and other key commodities.
“This sluggish growth underscores why it’s critically important for countries to pursue policies that will boost economic growth and improve the lives of those living in extreme poverty,” said the World Bank Group President Jim Yong Kim.
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