World Bank reduces initial estimate for global progress| MENAFN.COM

Monday, 04 July 2022 06:47 GMT

World Bank reduces initial estimate for global progress

(MENAFN) Expecting a plunge in emerging countries and a decline in commodities prices, the World Bank has slashed its 2016 growth estimate of the global economy by 0.5 percentage points to 3.1pct.

According to the World Bank's latest report, for the following year, the organization also has revised down the projection to 3.6 percent from 3.8 percent projected back in January.

Against the backdrop, superior countries are anticipated to see their economy edge up an average 1.7pct this year, down from a 2.2pct growth outlook by the World Bank five months earlier.

the world economy will likely face difficulty in recovering as emerging economies and world trade are slumping amid dropping crude oil prices, not to mention the possible geopolitical tensions.

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