(VOVworld)- The World Bank slashed its 2016 global growth forecast on Wednesday to 2.4 percent from the 2.9 percent estimated in January in the wake of slow recovery of leading economies.


In its latest Global Economic Prospects report, the World Bank said commodity-exporting emerging market countries have struggled to adapt to lower prices for oil, metals, and other commodities, accounting for half of the downward revision. Among the major economies, the World Bank forecast the US’s growth of 1.9% in 2016, 0.8% lower than previously forecast while China's growth forecast at 6.7 percent. The World Bank predicts the world’s second largest economy’s growth to slow further to 6.3 percent by 2018.