World Bank cuts its forecast for global growth in 2016. Initially forecast at 3.3% growth, the new forecast has been set to 2.9%. Global growth was 2.4 % in 2015.
Big developing economies like China and Brazil have been slowing. Commodities prices have been instrumental in the declines witnessed globally.
Developing countries will do better at 4.8%, up slightly from 2015’s 4.3%.
World Bank has a tendency of being overly optimistic, so we do not suggest you bet your nest egg on their forecast.