The World Bank has cut its global growth forecast.<br /><br /> In its bi-annual report, the predicted global growth will be 3 percent for this year and 3.3 for 2016.<br /><br /> The report emphasises that the economy is “running on a single engine. The American one. This does not make for a rosy outlook.”<br /><br /> In June last year the World Bank stated growth would reach 3.4 percent for 2015 and 3.5 percent next year.<br /><br /> The Bank adds that the low oil prices may help importing countries such as India, which is expected to grow by some 7 percent next year.<br /><br /> On the other hand oil producers like Russia look set to loose out. The Russian economy is on course to contract by 2.9 percent this year.<br /><br /> The recovery, says the report, is at best “sputtering” along in the eurozone and Japan.
