The World Bank has revised its 2016 global growth outlook on the backdrop of low commodity prices, soft demand, and sluggish trade.

The World Bank places the worldwide economic growth expansion at 2.4 percent year-to-year, down from its previous forecast of 2.9 percent. For advanced economies, the United States is expecting a 1.9 percent rise, while Eurozone sees 1.6 percent, also a slight setback.

The expansion of major Asian economies will hold steady. China's development is expected at 6.7 percent. India's expansion is 7.6 percent.