UN Cautions Against Trade Tensions Bringing Down Global Economic Growth in 2020
In its flagship report ahead of the upcoming Davos Summit, the UN has cautioned that continued trade tensions between the US and China or any rise in geopolitical tensions could stall economic recovery globally this year. There is a very real possibility of a sharp economic slowdown in 2020 which could possibly derail ongoing efforts to tackle issues like climate change or poverty.
The tariffs war between the US and China through 2019 was responsible for bringing economic growth down to the weakest levels in around 10 years. Meanwhile, an improvement in US-China trade relations could see global GDP growing by around 2.5% this year after having seen a 2.3% growth last year.
However, any flare-up in trade tensions or geopolitical risks could derail recovery and weaken economic growth down to as low as 1.8% in 2020. According to UN secretary general, António Guterres, “These risks could inflict severe and long-lasting damage on development prospects. They also threaten to encourage a further rise in inward-looking policies, at a point when global cooperation is paramount.”
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