World Bank pares global growth estimates

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World Bank pares global growth estimates
Washington-based lender World Bank on Tuesday cut its forecasts for growth in the world economy this year as emerging markets such as China slow.

The World Bank cut its estimates for global economic growth to 2.8 per cent in 2014 from an earlier expected 3.2 per cent expansion.

For 2015, the global economic growth estimate of 3.4 per cent was left unchanged.

The US economy is expected to expand 2.1 per cent this year, down from a previous forecast of 2.8 per cent growth; while China's economic growth estimate was cut to 7.6 per cent from 7.7 per cent earlier.

"The global economy got off to a bumpy start this year buffeted by poor weather in the United States, financial market turbulence and the conflict in" Ukraine, the World Bank said.

Read more about: world bank
Story first published: Wednesday, June 11, 2014, 13:00 [IST]
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