World Bank cuts growth forecasts for Asian economies
According to the World Bank, the slowing Chinese economy will weigh down on the global economy and any possible rate hike by the US Fed will also exert downward pressure especially on developing economies as the US dollar is already on a stronger note against many countries’ local currencies.
According to the World Bank, the Chinese economy will expand by 6.9% in 2015 and 6.7% in 2016, down from their earlier expectations which called for growth rates of 7.1% and 7%, respectively.
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