World Bank Slashes 2019 Global Growth by 0.2% to 2.4%, Forecasting 2.5% in 2020
The World Bank has adjusted the global economic growth forecasts for 2019 and 2020 regarding to a slower-than-expected recovery in worldwide trading.
On Wednesday, the World Bank has adjusted the global economic growth forecasts for 2019 and 2020 regarding to a slower-than-expected recovery in worldwide trade and investment resulting from US – China trade war and the increasing of geopolitics tensions.
The Global Economic Prospects report showed that the World Bank has cut 0.2% off of economic growth for year 2019 and 2020, with the 2019 growth predict at 2.4% and 2020 at 2.5%.
Following the trade agreement published by the US and China that new U.S. tariffs on Chinese consumer goods is suspended and the tariff on some goods has deducted, tend to refresh business confidence and investment sentimental.
Global trade growth is expected to rise slightly in 2020 to 1.9% from 1.4% in 2019, but still below the 5% average annual trade growth rate since 2010.
The World Bank also released the forecast on China’s economy as well. The growth rate is estimated to decelerate to 5.9% this year, which dropped 0.2% from June forecast as an effect from US tariff.
