World Bank slashes growth forecast for emerging economies

Lower oil prices and looming US interest rate rise lead to downgrades for countries including Nigeria, Angola and Brazil, while India bucks trend

The World Bank has cut its forecasts for growth across emerging economies this year, warning that they face a double whammy from rising US interest rates and lower commodity prices. "Developing countries were an engine of global growth following the financial crisis, but now they face a more difficult economic environment," said the bank's president, Jim Yong Kim, as the anti-poverty body published its twice-yearly Global Economic Prospects document.

Growth in emerging economies is expected to be 4.4% in 2015, down from the 4.8% the World Bank was expecting in December.