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World Bank downgrades 2017 global economic growth outlook to 2.7%

January 11, 1:57 UTC+3

Furthermore, the World Bank also lowered its estimate of the 2016 global GDP by 0.1 percentage point to 2.3%

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MOSCOW, January 11. /TASS/. The World Bank lowered the global economic growth forecast by 0.1 percentage point to 2.7% in 2017 and 2.9% in 2018 in its Global Economic Prospects report released on Wednesday.

Furthermore, the World Bank also lowered its estimate of the 2016 global GDP by 0.1 percentage point to 2.3%.

"Stagnant global trade, subdued investment, and heightened policy uncertainty marked another difficult year for the world economy," the World Bank said. "Growth in emerging market and developing economies (EMDE) is expected to pick up in 2017, reflecting receding obstacles to activity in commodity exporters and continued solid domestic demand in commodity importers," the Bank said.

According to World Bank’s outlook, "downside risks to global growth include increasing policy uncertainty in major advanced economies and some EMDEs; financial market disruptions; and weakening potential growth." At the same time, "fiscal stimulus and other growth-enhancing policies in key major economies - in particular, the United States - could lead to stronger-than-expected activity and thus represent a substantial upside risk to the outlook," the World Bank said.

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