The World Bank slashed its global growth forecasts for 2019 in a report that portrayed a world gripped by deepening trade conflict, tumbling confidence and increasingly skittish investment. (AFP/KAREN BLEIER) Although the global development lender currently expects a modest recovery 2020 and 2021, the bank said in its semi-annual report that a lot will have to go right for this to happen. Instead the growing risks suggest the outlook could instead grow darker still. The greatest danger on the horizon is the prospect of worsening trade clashes between major world economies – a spectre that rose again last week when US President Donald Trump announced fresh punitive duties on Mexican goods in a dispute over immigration policy. The world economy is now expected to expand by 2.6 per cent this year, three tenths of a percentage point lower than the January forecast, and well below the three percent growth seen in 2018, according to the Global Economic Prospects report. The World Bank also sounded the alarm about rising debt levels and warned emerging economies they could soon regret the decision to borrow in search of a growth boost. Newly-installed World Bank President David Malpass, who in his previous position with… Read full this story
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