looking beyond borders

foreign policy and global economy

World Bank Cuts Growth Forecasts as Developed Nations Lose Steam

The World Bank cut its global growth forecast for this year as austerity measures, high unemployment and low business confidence weigh on economies in developed nations.

The Washington-based bank projects the world economy will expand 2.4 percent, down from a June forecast of 3 percent, after growing 2.3 percent in 2012. It halved its forecast for Japan, cut the U.S. projection by 0.5 percentage point and predicted a second year of contraction in the euro region. It also lowered projections for emerging markets led by BrazilIndia and Mexico.

Read Here – Bloomberg

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