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World Bank cuts growth forecast for emerging economies; India bucks the trend

  • The World Bank has slashed its growth forecasts for emerging economies, saying they face a twin challenge of rising American interest rates and low commodity prices.

    India is one of the few developing countries that has bucked the trend, according to the World Bank, which expects the South Asian nation to be this year’s fastest-growing major economy.

    Describing the situation confronting emerging economies as a “difficult economic environment", World Bank president Jim Yong Kim said that investing in infrastructure was a good strategy for long-term growth.

    Tagged as: World Bank, growth forecasts, emerging economies, India, World Bank president, Jim Yong Kim, business news