World Bank lowers global growth forecast for 2015 and next year

Washington

THE World Bank on Tuesday lowered its global growth forecast for 2015 and next year due to disappointing economic prospects in the eurozone, Japan and some major emerging economies that offset the benefit of lower oil prices.

The global development lender predicted the global economy would grow 3 per cent this year, below a forecast of 3.4 per cent made in June, according to its twice-yearly Global Economic Prospects report.

Financial and commodities markets slumped on Wednesday after the forecasts fuelling fears that the benefits of cheaper oil …