The World Bank has lowered global economic forecasts despite calmer markets.

In the Global Economic Prospects report, the World Bank revised expected growth down from 3 percent to 2.4 percent.

Uncertainty regarding the US budget has lowered the forecast. The bank stated in the report that: “What we are seeing is a recovery we anticipated in June being pushed a little further back in time, beginning closer to the end of the first quarter and into the second quarter of 2013, rather than beginning a little earlier".