Global economic growth is projected to soften from a downwardly revised 3% in 2018 to 2.9% in 2019, amid rising downside risks to the outlook, the World Bank said on Tuesday (Jan 08).
It said, international trade and manufacturing activity have softened, trade tensions remain elevated, and some large emerging markets have experienced substantial financial market pressures.
While, growth among advanced economies is forecast to drop to 2% this year, the Fund said. 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% this year.
