The global economy is forecast to grow even slower than initially estimated. The World Bank has slashed its 2016 global growth forecast to 2.4 percent from 2.9 percent projected in January.
The bank also cut its forecast for 2017 to 2.8 percent from 3.1 percent.
The main reasons: the persistent slump in commodity prices, lack luster growth in advanced economies, diminishing capital flows and weak global trade.
For more on the global economic outlook, CCTV America’s Michelle Makori spoke with Ayhan Kose, director of the World Bank Group’s Development Prospects Group, about commodities, energy prices, credit and the U.S. presidential election.