The United Nations says the world economy will expand a mild 2.4 percent this year. This is according to a report by the UN on the World Economic Situation and Prospects.
It projects the global economy to pick up next year by 2.9 percent, and 3.2 percent in 2017. It attributed modest impetus to cyclical and structural headwinds. Growth of developing economies have sunk to its lowest point since the global financial crisis, due to slumping commodity prices, large capital outflows and financial market volatilities. However they are expected to bottom out next year, while developed economies will also gain some momentum.