Global Economic Development: The Growth is Slowing Down and Moving East

Economic growth rate is perceived to be the most important indicator of global well-being; almost every international organization refers to economic growth expectations in defining global economic trends.

However, the year 2016’s forecasts on global economic growth has brought certain disappointments and concerns to the professional community.

In June 2016, the World Bank released a comprehensive report on global economic prospects indicating that the global growth is forecasted to be at 2.4% in 2016, which was downgraded from the previous forecast of 2.9% projected in January.

The reason for downgraded projections on economic growth are related to the fact that commodity-exporting emerging market and developing economies have struggled to adapt to lower prices for oil and other key commodities, and this accounts for 40% of the downw ...

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