World Bank downgrades global economic forecast for 2016

WASHINGTON -- The World Bank has cut its forecast for global growth this year given weakness in the developing world.

The aid agency expects the world economy to expand 2.9 percent in 2016, down from its June forecast of 3.3 percent but up from 2.4 percent in 2015.

Several big developing economies, including Brazil and China, are slowing or shrinking. Their troubles have hurt smaller trading partners, which have also been squeezed by shrunken commodity prices.

The World Bank expects developing countries to grow 4.8 percent, up from a six-year low of 4.3 percent in 2015.

The U.S. economy is forecast to grow 2.7 percent, up from 2.5 percent in 2015; the eurozone, 1.7 percent, fastest since 2011. China is expected to slow to 6.7 percent growth from 6.9 percent last year.