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World Bank cuts 2015 global growth forecast
Adam had the headline forecasts from the World bank earlier: World Bank cuts 2015 global growth forecast to 3.0% from 3.4%
Some more elaboration now from the Wall Street Journal (gated): World Bank Lowers Outlook for Global Economic Growth
Bolding is mine:
World Bank cut its outlook for global growth …. saying a strengthening U.S. economy and plummeting oil prices won’t be enough to offset deepening trouble in the eurozone and emerging markets
Tumble in oil has bolstered the U.S. recovery by giving consumers more money to spend
Kaushik Basu, the World Bank’s chief economist, said the global economy is being pulled by a single engine—the U.S. economy. “This does not make for a rosy outlook for the world,” he said. “It is really not enough.”
Cut its outlook for the world’s second-largest economy, China, to 7.1% for the year, down from its last forecast for growth of 7.5%
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