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Business

AFP
January 9, 2019

World Bank cuts global growth forecast amid US-China trade conflict

Business

AFP
Wed, Jan 09, 2019

WASHINGTON: Growth of the world economy is expected to slow as the US-China trade conflict takes its toll and undermines confidence, the World Bank said Tuesday in its semi-annual forecast.

The World Bank cut the global GDP forecast to 2.9 percent this year and 2.8 percent in 2020, slightly below the previous forecast, but warned that risks were rising and urging policymakers to prepare for a storm.

US economic growth is expected to slow this year by four tenths of a point, falling to 2.5 percent down from 2.9 percent in 2018, and to slow even further next year to 1.7 percent, according to the Global Economic Prospects report.