(VOVworld) – The World Bank has forecast that global economic growth will be 2.9% this year, down 0.4% from its earlier economic forecast in June but still higher than 2015’s rate of 2.4% thanks to the recovery of developed economies.

A man walks past a currency exchange office in Rio de Janeiro, Brazil, August 31, 2015. (Photo: Reuters)

In its recent report, the World Bank said that China’s economic recession will be detrimental to the commodity market and economies of the so-called BRICS countries: Brazil, Russia, India, China, and South Africa. It added that this outlook will be buttressed by recovery in major economies, stabilizing commodity prices, and a continuation of low interest rates. The report listed possible risks to the world economy: slowdown in emerging markets, increase in the US interest rates and the US dollar, and political instabilities.