Editor’s Picks 07 June 2016 at 23:58 GMT

Low commodity prices, weak trade drive World Bank to cut GDP forecasts

The Sydney Morning Herald
The World Bank has slashed its global growth forecast to an “insipid” 2.4% amid what it calls stubbornly low commodity prices, faltering growth in advanced economies, weak global trade and shrinking capital flows. “Looking ahead, the prospects of global growth remain muted,” said the Bank's chief economist Kaushik Basu, launching the report. The Bank has cut its forecast for US growth from 2.7% to 1.9%, for Japan from 1.3% to 0.5%, for the Euro area from 2.7% to 1.9%, for developing countries from 4.8Z% to 4.4% and for advanced economies from 2.2% to 1.7%t. China's forecast remains unchanged at 6.7%. For oil importers, falling prices have not translated into the large boost to growth that was expected.
Read full article at The Sydney Morning Herald


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