Global economy under threat, World Bank warns

Global economy under threat, World Bank warns | CTV News:

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A recession in Europe and weaker growth in India, Brazil and other developing countries will likely slow global economic growth, the World Bank says.

In its twice-yearly report issued late Tuesday, the bank substantially cut its forecasts for growth in both developed and poorer nations. It now projects that the global economy will expand 2.5 per cent this year and 3.1 per cent in 2013. That's down from a June forecast of 3.6 per cent growth for both years.

The U.S. economy will also suffer from slower global growth, the report said, though not by as much as developing countries.