The World Bank lowered its global economic outlook for 2015 on Tuesday, despite the recent drop in oil prices. The World Bank now estimates that the global economy will grow three percent this year, down from its June prediction of 3.4 percent growth.
Reuters reports that "disappointing economic prospects in the euro zone, Japan, and some major emerging economies" are responsible for the lower growth forecast.
Kaushik Basu, chief economist for the World Bank, told reporters that the U.S. economy is "really not enough" to pull the global economy along. "Worryingly, the weak recovery in many high-income economies and slowdowns in several large emerging markets may be a symptom of deeper structural weaknesses," Basu said.
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The World Bank expects world GDP growth to reach 3.3 percent in 2016, falling to 3.2 percent in 2017.
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