Having grown at an estimated 2.6% in 2014, the global economy is at a disconcerting juncture, according to the World Bank’s Global Economic Prospects (GEP) report, released yesterday.
The GEP report predicts the global economy will grow 3% in 2015, below a forecast of 3.4% made in June. The report expects world GDP growth will reach 3.3% in 2016, as opposed to a June forecast of 3.5%, before dipping to 3.2% in 2017.
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The sell-off resumed for oil prices on both sides of the Atlantic on Monday as concerns about a stock surplus and demand weakness weighed on crude markets. ICE February Brent—the international oil marker—fell $2.67 to $53.75 a barrel in Monday trading to fresh five-and-a-half-year lows, having posted in 2014 its second-largest annual drop since records began. Meanwhile, the Nymex February West Texas approached $50 a barrel and the US benchmark dropped $2.14 to $50.55. Both reached levels last hit in May 2009.