World Bank cuts global growth forecast to 2.4%
The World Bank has slashed the global growth forecast to 2.4% from the 2.9% estimated in January due to stubbornly low commodity prices, sluggish demand in advanced economies, weak trade and diminishing capital flows. It further held the growth forecast of India steady at 7.6%, ahead of China's 6.7%, while Brazil and Russia are projected to remain in deeper recessions.