The World Bank trimmed its outlook for global economic growth this year amid slowdown in emerging markets and weaker output in the United States.
The body now expects the world economy to expand by 2.8%, 0.2 percentage point slower than it estimated in January.
In its Global Economic Prospects report, the World Bank said that economic contraction in Brazil and Russia, as well as slower growth in Turkey offset growth in the eurozone and Japan.
Many of emerging market economies are approaching the limits of their ability to
grow without major policy overhauls that would open up markets, improve the business environment
and spur productivity. There is a need of trillion of dollars to expand
the arteries of economic growth: roads, railways, ports and other
infrastructure, the bank said.
The institution meanwhile expects 2016 growth to expand 3.3% with U.S. Federal Reserve moving towards lifting interest rates.
