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Grim global growth outlook says World Bank

Grim global growth outlook says World Bank
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The World Bank has cut its global growth forecast.

In its bi-annual report, the predicted global growth will be 3 percent for this year and 3.3 for 2016.

The report emphasises that the economy is “running on a single engine. The American one. This does not make for a rosy outlook.”

In June last year the World Bank stated growth would reach 3.4 percent for 2015 and 3.5 percent next year.

The Bank adds that the low oil prices may help importing countries such as India, which is expected to grow by some 7 percent next year.

On the other hand oil producers like Russia look set to loose out. The Russian economy is on course to contract by 2.9 percent this year.

The recovery, says the report, is at best “sputtering” along in the eurozone and Japan.