The World Bank has slashed its growth forecast for the world economy as well as for developed nations the United States and Japan. The revision Wednesday cited the impact of a continued slowdown in China and emerging markets.

In its latest semiannual Global Economic Prospects report, the Washington-based lender expects the global economy to grow 2.9 percent this year, down 0.4 percentage point from a projection it released in June last year. The figures relate to gross domestic product.

Kaushik Basu, chief economist of the World Bank, warned the global economy could face further deceleration if growth in China, Russia and other large economies falls short of current estimates.