Wednesday, January 11, 2017
World Bank forecasting brighter prospects for 2017
WASHINGTON (AP) — The World Bank is forecasting the global economy will accelerate slightly in 2017 after turning in the worst performance last year since the 2008 financial crisis.
The 189-nation lending agency says that the global growth should expand at a 2.7 percent annual rate this year. That is down from the bank's June forecast for 2.8 percent growth this year, but it's better than last year's 2.3 percent growth.
The global economy faced a number of headwinds last year, from economic troubles in China to bouts of financial market turmoil.
World Bank President Jim Yong Kim says, "We are encouraged to see stronger economic prospects on the horizon."
The World Bank forecasts 2.2 percent growth in the United States, up from an estimated 1.6 percent last year.