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.
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