World Bank Revises Global Economic Growth Forecasts for 2019, 2020

Despite the upcoming phase one trade deal between the US and China, the World Bank estimates slower recovery in global economic growth in 2020. On Wednesday, the World Bank trimmed forecasts for global economic growth in 2019 and 2020 to 2.4% and 2.5% respectively, down 0.2%.

According to the bank, 2019 saw global economies grow at the weakest pace since the 2008-09 financial crisis on the back of trade and geopolitical tensions. It estimates that the upcoming phase one trade agreement will have a “rather small” impact on trade but could see business confidence and investment pick up and improve overall trade conditions.

Overall trade growth worldwide is expected to increase by 1.9% in 2020, up from 1.4% in 2019. 2019 saw trade growing at the slowest rate since the global financial crisis a decade ago, and is significantly below the average yearly trade growth rate of 5% since 2010.

In addition, the World Bank has also trimmed China’s economic growth forecasts for 2020 to 5.9% from 6.5! previously estimated. The fallout from US’s tariff war is likely to continue affecting China’s growth into this year as well even as trade tensions dissipate.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
Related Articles
Comments
0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers