World Bank cuts growth forecasts for global economy
In its twice-yearly Global Economic Prospects report, the bank also lowered its growth forecast for the US economy to 2.7% this year and 2.8% for 2016, down from its previous estimates of 3.2% and 3%, respectively. In the first quarter of this year, the US economy contracted 0.7% on an annual basis because of a widening trade deficit and smaller inventories as well as a stronger dollar. Heavy winter conditions also reportedly hampered the economic growth.
The Bank also cut its economic growth forecast for developing countries to 4.4% from its previous estimate of 4.8% in January.
The World Bank stated that they expect the Indian economy to be the fastest-growing economy for the first time this year, predicting a growth rate of 7.5%, up from its previous forecast of 6.4%.
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