Todd Bishop
The World Bank released the 2019 Global Economic Prospects report in June, which lowered the global economic growth forecast. The forecast for 2019 is 0.3 percentage points lower than that of January, to 2.6%, the lowest in 2016. . The World Bank predicts that the economy will grow by 2.7% in 2020, and the forecast for the beginning of the year will be lowered by 0.1 percentage points.
The World Bank predicts that the economy will grow by 2.7% in 2020, and the forecast for the beginning of the year will be lowered by 0.1 percentage points. In terms of global trade, the bank is forecasting an increase of 2.6%, which is also down 1 percentage point from the beginning of the year, the lowest since the 2008 financial crisis.
The Bank maintains its economic growth forecast for China and the United States in 2019. China’s economy grew by 6.2% this year and the US grew by 2.5%. The bank expects the Chinese economy to continue to slow down. In the 30 years to 2010, China’s average growth rate was 10%, but this year’s growth forecast is 6.2%.
The World Bank pointed out in the report that the continuing uncertainty of Brexit and the trade war between US President Donald Trump and China, Europe and Mexico are two of the events that caused the bank’s policy uncertainty index to rise to a record high.
The report commented on the global economic outlook and pointed out that the global economy continues to slow down and the growth momentum is still weak. It refers to increased tensions, reduced investment, and increased trade barriers, resulting in increased financial pressure on trade-dependent countries, such as Turkey, and a major slowdown in major economies, especially in Europe.
