World Bank trims 2020 growth forecast

The World Bank has trimmed its global growth forecasts slightly for 2019 and 2020 due to a slower-than-expected recovery in trade and investment despite cooler trade tensions between the United States and China.

The multilateral development bank says 2019 marked the weakest economic expansion since the global financial crisis a decade ago, and 2020, while a slight improvement, remains vulnerable to uncertainties over trade and geopolitical tensions.

In its latest Global Economic Prospects report, the World Bank shaved 0.2 of a percentage point off of growth for both years, with the 2019 global economic growth forecast at 2.4 per cent and 2020 at 2.5 per cent.

AAP

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