The World Bank revises down its global economic growth forecast

The World Bank has revised down its forecast for the global economic growth for 2016, and is now projecting a 2.4% growth. The Bank projected a 2.9% growth in January.

As they state, the fact that exporting countries are struggling with low prices of raw materials is a huge issue. The growth of the US economy has been projected at 1.9%, whereas in 2015 it was 2.4%.

The growth of the Eurozone is projected at 1.6%, same as last year. The China forecast has remained at 6.7%.

In the past few years, The World Bank and the International Monetary Fund have been consistently revising down their initial growth forecasts.

As for Serbia, The World bank has recently approved a loan of USD 75 billion, under the condition that the Law on Salary System of Employees in the Public Sector be enforced and the number of employees reduced and to introduce a stricter control of the expenditure of assets and centralize public procurement.