With stagnant Europe and Japan, World Bank cuts 2015 forecast for global economic growth

Markets Associated Press

The World Bank has downgraded its forecast for the global economy this year, blaming stagnation in Europe and Japan and a slowdown in China. It also says that world economic growth came in below expectations in 2014.

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The bank predicts in its Global Economic Prospects that the world economy will expand 3 percent this year from 2.6 percent in 2014. Last June, World Bank economists had forecast 3.4 percent global economic growth this year and 2.8 percent last year.

Plunging oil prices and stronger growth in the United States are expected to help boost global growth. The bank expects the U.S. economy to grow 3.2 percent this year, up from 2.4 percent in 2014.