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.


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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