World Bank issues 'perfect storm' warning for 2016

Simultaneous slowdown in Brics economies would jeopardise chances of pick-up in global growth this year, report says

The risk of the global economy being battered by a "perfect storm" in 2016 has been highlighted by the World Bank in a flagship report that warns that a synchronised slowdown in the biggest emerging markets could be intensified by a fresh bout of financial turmoil.

The Bank said the possibility that Brazil, Russia, India, China and South Africa - the so-called Brics economies - could all face problems simultaneously would put in jeopardy the chances of a pick-up in growth in the coming year.