The World Bank has lowered its 2015 estimate for global economic growth from 3 percent to 2.8 percent, with developing economies facing a string of challenges.
According to its latest Global Economic Prospects report, high- income countries are projected to grow by 2 percent this year, 0.2 percentage points lower than its last estimate in January.
Developing countries are now projected to grow by 4.4 percent, 0.4 percentage points down from the previous calculation.
The report says that with an expected liftoff in U.S. interest rates, borrowing will become more expensive for emerging and developing economies.
