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1st LD: World Bank cuts 2016 global growth forecast to 2.4 pct

Xinhua, June 8, 2016 Adjust font size:

The World Bank on Tuesday lowered its forecast for the global growth in 2016 to 2.4 percent, saying that the world economy is facing stronger headwinds.

In its Global Economic Prospects Report released on Tuesday, the Washington-based institution expected the world economy to grow 2.4 percent in 2016, 0.5 percentage point lower than the bank's forecast in January.

"Although the global financial crisis is now seven years behind us, the world economy is still struggling to regain momentum," said Kaushik Basu, chief economist at the World Bank.

Growth continues to falter in advanced economies, while there is considerable divergence of performance across emerging market and developing economies, and their overall growth remains below potential, said Basu.

According to the report, developing economies are forecast to expand by 3.5 percent in 2016, 0.6 percentage point lower than its January's projection; advanced economies are expected to grow 1.7 percent this year, 0.5 lower than its January's forecast. Enditem