WASHINGTON (AP) — The World Bank is predicting that the global economy will grow 3.1 percent this year, which would be its best showing in seven years. The United States, the world's largest economy, is expected to receive a boost from the $1.5 trillion tax cut package Congress approved last month.

The World Bank is upgrading its growth forecast for 2018 by 0.3 percentage point from the projection it made in June. It is also forecasting solid growth of 3 percent in 2019 and 2.9 percent in 2020, after similar 3 percent expansion in 2017.

The U.S. economy will grow 2.5 percent this year, the World Bank now predicts, up 0.3 percentage point from its June estimate. Its forecast shows U.S. growth slowing to 2.2 percent in 2019 and 2 percent in 2020.