World Bank: ‘Now is the time to prepare for next crisis’

World Bank Headquarters 1

Bad weather in the U.S., the crisis in Ukraine, rebalancing in China and the anticipated rise in interest rates will hit global growth this year, according to the World Bank, which has urged countries to continue urgent reforms.

The Washington-based organization, a United Nations agency which provides loans to developing countries, has downgraded its global growth estimates for this year to 2.8 percent, from a January forecast of 3.2 percent.

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