The organization cuts its growth forecast again, and predicts mixed fortunes for the Asia-Pacific in 2015.
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The World Bank has cut its global growth forecasts again for 2015, warning of further downside risks despite the benefit of cheaper oil. However, mixed fortunes are seen for Asia’s biggest economies, with growth slowing in China but accelerating in Japan and India.
In its latest “Global Economic Prospects” report, the Washington-based lender said it expected the world economy to expand by 3 percent this year, up from a “disappointing” 2.6 percent in 2014. Growth is forecast to improve next year, rising to an estimated 3.3 percent, according to the twice-yearly report.
Developing countries expanded by 4.4 percent last year and are expected to post 4.8 percent growth in 2015, rising to 5.3 percent next year, the bank said.
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