By Daniel Hunter

The World Bank has cut its growth forecast for 2015 and 2016, warning the US cannot drive growth on its own.

Growth of 3% this year and 3.3% in 2016 has been predicted by the World Bank, down from June forecasts of 3.4% and 3.5% respectively.

"The global economy is running on a single engine...The American one. This does not make for a rosy outlook," chief economist Kaushik Basu warned.

Oil

Despite falling oil prices causing severe economic damage to certain countries, especially Russia, the World Bank believes they will in fact benefit oil-importing countries like China and India.

Mr Basu said: "The lower oil price, which is expected to persist through 2015, is lowering inflation worldwide and is likely to delay interest rate hikes in rich countries."

"This creates a window of opportunity for oil-importing countries, such as China and India; we expect India's growth to rise to 7% by 2016."

In stark contrast, Russia's economy is expected to contract by 2.9% this year and grow by just 0.1% in 2016.

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