UK recovery 'on track' but World Bank lowers global growth forecast

The World Bank has lowered its forecast for global growth this year to 2.8%, partly because the much-anticipated beneficial effects of lower oil prices have been limited so far. The bank said developing countries were facing a 'structural slowdown' likely to last years, and were ceding the role of global growth engines to more mature economies. The World Bank also downgraded UK growth this year but declared that Britain's recovery remains 'on track' as the outlook for jobs and wages improves. The UK is now forecast to expand by 2.6% in 2015 against the 2.9% predicted in January.


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