World Bank lowers global economic growth estimates
The World Bank expects the Chinese economy to grow 6.7% this year following a growth rate of 6.9% last year while India’s economic growth is forecast to remain steady at 7.6%. However, according to the bank, Brazil and Russia remain in deeper recessions than forecast in January.
The bank maintained its growth expectations at 6.3% for economies in the East Asia and Pacific region while the region excluding China is projected to grow at 4.8% in 2016, unchanged from 2015. Excluding China, growth in the rest of the region is expected to be supported by higher investment in several large economies like Indonesia, Malaysia, Thailand and strong consumption on the back of low commodity prices. The Southeast Asian economies, meanwhile, are projected to expand by 7.1% in 2016 in line with stronger domestic demand.
For the Middle East and North Africa, the World Bank expects to a growth rate of 2.9% this year, down from a growth expectation of 4% reported in January. The bank also slashed its growth projections for the Nigerian economy to 0.8%, down from an estimate of 4.6% in January. Growth is projected to pick up to 3.5% in 2017.
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