An offshore oil platform is seen in Huntington Beach, California September 28, 2014.
The global development lender predicted the global economy would grow 3% this year, below a forecast of 3.4% made in June, according to its twice-yearly Global Economic Prospects report.
World GDP growth will reach 3.3% in 2016, as opposed to a June forecast of 3.5%, before dipping to 3.2% in 2017, it said.The World Bank said strong growth prospects in the US and Britain separated them from other rich nations, including members of the euro zone and Japan, which continue to face anemic economies and deflation fears.
Among emerging markets, Brazil and Russia in particular weighed on the bank's global growth predictions, along with China, which is in a managed slowdown as it transitions away from an investment-led growth model.
India's economic growth should finally catch up to China's next year and in 2017, at a clip of about 7%, said World Bank chief economist Kaushik Basu.
The World Bank predicted the roughly 60% drop in global oil prices since June of last year should be a net positive for the world economy, boosting oil-importing countries.
But while the World Bank expected oil prices to stay low this year, it said the positive price shock could take several years to feed into its growth outlook, while increasing short-term market volatility and reducing investments in unconventional oil such as shale and deep sea oil.
The immediate impact of lower crude prices was limited to a 0.1 percentage point boost to the global outlook this year, the World Bank said.