In its Global Economic Prospects Report issued on Wednesday, the Washington-based institution expected the world economy to grow 2.9 percent in 2016, 0.4 percentage points lower than the bank's forecast in June 2015, but higher than the estimated 2.4 percent growth in 2015, a leading news agency reported.

Developing economies are forecast to expand by 4.8 percent in 2016, less than expected earlier but up from a post-crisis low of 4.3 percent in the year just ended; advanced economies are expected to grow 2.1 percent this year, also lower than its June forest but up from the estimated 1.6 percent increase in 2015.

"The January Global Economic Prospects tells us that if 2015 was a disappointing year for the world economy, 2016 is the risky year," said Kaushik Basu, World Bank Group vice president and chief economist, at a media briefing.

The emerging economies seem to be coming apart, with Brazil and Russia expected to remain in recession in 2016, while China and India forecasted to grow around 7 percent. China is forecasted to grow 6.7 percent in 2016 and 6.5 percent in 2017, lower than the estimated 6.9 percent growth in 2015.



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