Due to the euro zone, Japan and some emerging economies disappointing economic prospects, offset by a drop in oil prices brought the global economy, the World Bank cut down global economic growth forecasts on January 13, 2015 and 2016.
The World Bank said in a report, the US and UK strong growth prospects and other rich countries (including the euro area member states and Japan). The Euro Zone and Japan are still in the phase of economic growth, concerns of deflation. The bank's chief economist, Basu told CNBC, the global economy is only one engine - the United States. Emerging market countries, Brazil and Russia to drag down the forecast of the global economic growth. And in the process of economic transition in China, economic growth also fell.