(Guardian / Worthy News)– The World Bank has cut its growth forecast for the global economy in 2014 following a weak start to the year in both rich and poor countries.
The bank expects the global economy to grow by 2.8% compared with the 3.2% predicted in January. Developing country expansion has been revised down from 5.3% to 4.8%, while expansion in high-income countries has been shaved from 2.2% to 1.9%.
After a sluggish start to 2014, the bank expects activity to accelerate during the rest of the year and for global growth to be 3.4% in 2015 and 3.5% in 2016. A stronger performance by the US and a slow recovery in the eurozone are expected to help developing countries by acting as markets for their exports.