Global growth outlook cut by World Bank

June 12, 2014 1:34 am

The World Bank has cut down its global growth forecast, blaming a confluence of events, from the Ukraine crisis to unusually cold weather in the US, for dampened economic expansion in the first half of the year, Reuters has reported. The global institution predicted the world economy would grow 2.8% this year, below its prior forecast of 3.2% made in January, but it expressed confidence activity was already shifting to more solid footing. The World Bank expects growth to quicken later this year as richer economies continue their recovery. It kept its global growth forecasts for the next two years unchanged at 3.4% and 3.5%, respectively.