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