SUMMARY
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Halfway through the year, the World Bank has lowered its growth forecast for the global economy, although East Asia and the Philippines remain unaffected. In its latest Global Economic Prospects report released on June 8, the multilateral institution cut its global growth forecast to 2.4% from the 2.9% growth projected in January. The downgrade is due to sluggish growth in advanced economies coupled with stubbornly low commodity prices, weak global trade, and diminishing capital flows. Commodity-exporting emerging markets are particularly hit with the World Bank noting that they have struggled to adapt to lower prices for oil and other key commodities.
Read the full story on Rappler Business.
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