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World Bank forecasts darker skies for global economy

Update at: 29/03/2019 09:20:00

The growth of the global economy is expected to slow to 2.9 percent in 2019 compared with 3 percent in 2018, the World Bank said in a statement with “Darkening prospects: Global economy to slow to 2.9 percent in 2019 as trade, investment weaken” headline.

International trade and manufacturing activity have softened, trade tensions remain elevated, and some large emerging markets have experienced substantial financial market pressures.

Growth in advanced economies is estimated to slow to 2 percent in 2019 from 2.2 percent in 2018, as major central banks continue to withdraw monetary policy accommodation, according to the report.

Slowing external demand, rising borrowing costs, and persistent policy uncertainties are expected to weigh on the outlook for emerging market and developing economies. Growth for this group is anticipated to hold steady at a weaker-than-expected 4.2 percent this year, according to the World Bank.

Emerging market economies are expected to grow at 4.2 percent this year, with advanced economies expected to grow at 2 percent, the World Bank said in the report.

The report estimated that China's economic growth will slow to 6.2 percent in 2019 from 6.5 percent in 2018 as domestic and external continue rebalancing; while growth in the United States is likely to slow to 2.5 percent this year from 2.9 percent in 2018.

Source:NCIF
Author: Hoan La
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