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Economic researcher estimates 3.2 pct growth for global GDP in 2015

Xinhua, May 6, 2015 Adjust font size:

Global GDP is expected to grow by 3.2 percent in 2015, slightly lower than the 3.4 percent of growth a year earlier, but it is set to rebound to 3.8 percent in 2016, said a British economic research institute.

Growth has been slightly weaker than expected so far in 2015 and inflation remains well below target in almost all developed countries, said National Institute of Economic and Social Research (NIESR) in its quarterly forecast report that released Wednesday.

In its previous report, NIESR estimated 3.3 percent and 3.6 percent growth for 2015 and 2016 respectively.

In the period ahead, the global growth will be underpinned by low oil prices; continuing highly accommodative monetary conditions in the advanced economies; and recent exchange rate movements benefiting, in particular, the international competiveness of the Euro zone, noted the institute.

Specifically for the Euro zone, NIESR believes the prospects in the bloc have improved, as the central bank's monetary policy, the depreciation of the euro and the lower oil prices are all expected to support demand and activity there.

But it stressed that economic recovery of the advanced economies is still weighed down by "legacies of the financial crisis", including high unemployment, high levels of private and public debt, weak banking systems, and by other structural problems.

NIESR estimates the real GDP growth for the U.S., China, Japan and the eurozone in 2015 would be 2.8 percent, 6.8 percent, 1.0 percent and 1.5 percent respectively, and 2.9 percent, 6.7 percent, 1.2 percent and 2.2 percent for a year next.

It revised down the global inflation rate expectation for 2015 from 0.6 percent that given in March to 0.4 percent, but uplifted slightly from 1.9 percent to 2.0 percent for a year next. Volume of total world trade for 2015 and 2016 is forecasted to grow by 4.1 percent and 6.2 percent respectively. Endit