The World Bank reduced its growth forecast for this year
The World Bank is pessimistic in terms of the growth prospects for the world economy this year, emphasizing that the growth of the developing countries is hindered by the decrease in commodity prices and more expensive loans.
Developing countries face a series of tough challenges in 2015, including the looming prospect of higher borrowing costs in a new era of low prices for oil and other key commodities. This will result in a fourth consecutive year of disappointing economic growth this year, says the World Bank Group’s latest 2015 Global Economic Prospects report, released on June 10. Developing countries are now projected to grow by 4.4 percent this year, with a likely rise to 5.2 percent in 2016, and 5.4 percent in 2017.
“Developing countries were an engine of global growth following the financial crisis, but now they face a more difficult economic environment,” said World Bank Group President Jim Yong Kim. “We’ll do all we can to help low- and middle-income countries become more resilient so that they can manage this transition as securely as possible. We believe that countries that invest in people’s education and health, improve the business environment, and create jobs through upgrades in infrastructure will emerge much stronger in the years ahead. These kinds of investments will help hundreds of millions of people lift themselves out of poverty.” (MTI)
Related news
Márton Nagy: slower growth, rescheduled investments and cautious residential consumption are expected
In an interview with Index, Minister of National Economy Márton…
Read more >German exports fell by 1.6 percent and imports by 6.2 percent in the first half of this year
Germany’s exports and imports decreased in the first six months…
Read more >Fidelity: Three themes shaping investments in Q3
Has the post-epidemic normalization that we have been waiting for…
Read more >Related news
Black Friday: GVH warns of the importance of conscious shopping before the sale season
Although the official Black Friday will only take place on…
Read more >MOHU spoke up about the DRS limit
As of October 26, the MOHU reduced the amount available…
Read more >NGM: 1.5 million guests rested in our country in September, the performance of tourism continued to increase
Based on the data of the Central Statistical Office (KSH)…
Read more >