--- description: The World Bank has adjusted previous forecasts for economic growth globally, saying tougher times likely lie ahead. title: World Bank Reduces Global Growth Forecast image: https://static.time.com/v3/assets/bltea6093859af6183b/blt71b8bc31f5d01ab5/698779bce20a878b5ea847d9/173963603.jpg?branch=production&width=3840&quality=75&auto=webp&crop=16:9 ---  * [World](/section/world/) ## World Update your preferences in [Account Settings](/account/preferences/) Close * [Economics](/tag/economics/) ## Economics Update your preferences in [Account Settings](/account/preferences/) Close # The World Bank Reduces Global Growth Forecasts for 2015 and 2016 by [David Stout](/author/david-stout/) ## David Stout Update your preferences in [Account Settings](/account/preferences/) Close Jan 14, 2015 8:36 AM CUT  Harbor HarborGetty Images by [David Stout](/author/david-stout/) ## David Stout Update your preferences in [Account Settings](/account/preferences/) Close Jan 14, 2015 8:36 AM CUT The World Bank adjusted previous forecasts for economic growth globally in a bi-annual report published this week, saying tougher times likely lie ahead. The institution now believes the international economy will expand by just 3 percent this year and 3.3 percent in 2016, after predicting in June that growth would hover around 3.4 percent and 3.5 percent, respectively. While the U.S. economy appears to performing strongly, the bank’s chief economist Kaushik Basu warned that this alone would not be enough to float markets around the globe. “The global economy is running on a single engine,” Basu told reporters. “This does not make for a rosy outlook.” See the report highlights [here](http://time.com/wp-content/uploads/2015/01/chapter%5F1%5Fhighlights.pdf "undefined"). ```json [{"@context":"https://schema.org","@type":"NewsArticle","@id":"https://time.com/3666804/world-bank-global-growth-forecast-economics/","mainEntityOfPage":{"@type":"WebPage","@id":"https://time.com/3666804/world-bank-global-growth-forecast-economics/"},"headline":"The World Bank Reduces Global Growth Forecasts for 2015 and 2016","datePublished":"2015-01-14T08:36:05.000Z","dateModified":"2026-02-22T03:33:20.492Z","description":"The bank’s chief economist says the U.S. is unable to drive global recovery alone","url":"https://time.com/3666804/world-bank-global-growth-forecast-economics/","keywords":["Economics","U.S.","Business topic","world bank"],"thumbnailUrl":"https://static.time.com/v3/assets/bltea6093859af6183b/blt71b8bc31f5d01ab5/698779bce20a878b5ea847d9/173963603.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","author":[{"@type":"Person","name":"David Stout","jobTitle":null,"url":"https://time.com/author/david-stout/"}],"articleSection":"World","image":[{"@type":"ImageObject","url":"https://static.time.com/v3/assets/bltea6093859af6183b/blt71b8bc31f5d01ab5/698779bce20a878b5ea847d9/173963603.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","width":1200,"height":675,"headline":"173963603","caption":"173963603","creditText":"Getty Images","representativeOfPage":true}],"publisher":{"@type":"Organization","name":"Time","url":"https://time.com/","logo":{"@type":"ImageObject","url":"https://time.com/images/logo.png","width":528,"height":156},"foundingDate":"March 3, 1923","sameAs":["https://www.facebook.com/time","https://www.instagram.com/time/?hl=en","https://twitter.com/time","https://www.pinterest.com/timemagazine"]}},{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"/section/world/","name":"World"}},{"@type":"ListItem","position":2,"item":{"@id":"/tag/economics/","name":"Economics"}},{"@type":"ListItem","position":3,"item":{"@id":"https://time.com/3666804/world-bank-global-growth-forecast-economics/","name":"The World Bank Reduces Global Growth Forecasts for 2015 and 2016"}}]}] ```