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Gladiator Finance's World Bank Reduces its Growth Forecasts - 14th January 2015
The World Bank has revised its June 2014 growth forecasts as it see's low oil costs and geo-political tensions continuing to hamper global expansion.
The slump in oil prices wasn’t seen to adversely affect all economies however as the largest importers, China expected to grow above 7% and India's target raised to 7% are both stockpiling due to the lower prices. Other benefits were seen in China earlier this week as trade data showed that exports had increased in December by 9.7% over 2013.
Both the UK and the US were seen as showing good momentum going into 2015 and the fact that both countries have implemented huge stimulus measure may be a guide to the EU who were seen as expand by just 1.1% in 2015 and marginally better at 1.6% in 2016.
Russia and Japan were both revised down. Russia seeing the full weight of the sanctions that were imposed is not only facing a currency issue but should see a contraction of 2.9% in 2015 and possible expansion of just 0.1% in 2016. Japan fared little better as its 2015 growth was forecast at 1.2% and 1.6% for 2016. This comes the same day that Prime Minister Abe agreed the largest budget on record, $812bn whilst cutting the cost of borrowing for the 3rd straight year.
With South American economies under pressure the only real region that will benefit in the beginning of the year will be the Asia Pacific, predominantly South East Asia with the Philippines and Indonesia expected to outperform their 2014 forecast.
Collectively global expansion is expected to be 3% for 2015 with 2016 set at 3.3%. This is less than the June forecasts which had 3.4% and 3.5% respectively.
Major Global Indexes - 14th January 2015
FTSE 100 - 6,542.20 (+0.63%)
Nikkei - 16,795.56 (-1.71%)
Dow Jones - 17,613.68 (-0.15%)
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