Global Economy to Grow Less Than Expected, World Bank Says By International Business Times

Global Economy to Grow Less Than Expected, World Bank Says

Economy Jun 11, 2014 10:00AM ET

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Global Economy to Grow Less Than Expected, World Bank Says

By Maria Gallucci - Global economic growth is expected to dip this year, following the fiercely cold winter that plagued the United States and turbulence in Ukraine and the world’s financial markets.

The World Bank on Tuesday said it reduced its global growth forecast to 2.8 percent this year, down from a January projection of 3.2 percent, Bloomberg News reported.

The U.S. forecast was cut to 2.1 percent from 2.8 percent, and outlooks for Brazil, Russia, India and China also fell -- a sign that emerging economies aren’t moving fast enough or investing sufficiently in domestic structural reforms, which are needed to accelerate economic expansion, according to the Washington-based institution. It recommended smaller budget deficits, higher interest rates and productivity-boosting measures to stave off future financial unrest, Bloomberg said.

The growth setbacks, however, might be short-lived. The 2015 projection for global economic growth held steady at 3.4 percent, Bloomberg noted, and growth is expected to regain speed this year despite earlier weaknesses, the World Bank said in its Global Economic Prospects report.

"The financial health of economies has improved. ... But we are not totally out of the woods yet," Kaushik Basu, the lender's chief economist, said. "A gradual tightening of fiscal policy and structural reforms are desirable to restore fiscal space depleted by the 2008 financial crisis. In brief, now is the time to prepare for the next crisis."

Fed officials say more rate hikes needed, despite slowing inflation By Reuters - Aug 11, 2022 8

By Ann Saphir and Howard Schneider (Reuters) -Slowing U.S. inflation may have opened the door for the Federal Reserve to temper the pace of coming interest rate hikes, but...

Fed's Mary Daly says it's too early to 'declare victory' over inflation - FT By Reuters - Aug 11, 2022 4

(Reuters) -San Francisco Federal Reserve Bank President Mary Daly warned it is far too early for the U.S. central bank to "declare victory" in its fight against inflation, the...

Softer inflation ‘huge relief’ for battered investors in U.S. stocks and bonds By Reuters - Aug 11, 2022

By Saqib Iqbal Ahmed and Davide Barbuscia NEW YORK (Reuters) -Softer than expected U.S. inflation data buoyed investors’ faith that twin rebounds in stocks and bonds will persist...

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