World Bank cuts 2016 global growth forecast to 2.4%, India holds steady

June 08, 2016 08:21

The World Bank in its report released on Tuesday, downgraded its 2016 global growth forecast to 2.4% from the 2.9% pace projected in January.

It claimed that the world economy is facing sluggish growth, stubbornly low commodity prices, weak global trade, and diminishing capital flows.

As per the report, India's robust economic expansion is expected to hold steady at 7.6%, while China is forecast to grow at 6.7% in 2016 after 6.9% in 2015.

Brazil and Russia are projected to remain in deeper recessions than forecast in January. South Africa is forecast to grow at a 0.6 percent rate in 2016, 0.8 of a percentage point more slowly than the January forecast.

Growth continues to falter in advanced economies, while there is considerable divergence of performance across emerging market and developing economies, and their overall growth remains below potential, said Basu.

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