test


Member ID:
Password: 
Stay logged in for 30 days
Forget Your Password?
close

login CCFGroup App

Economy | Time: Jan 10 2019 9:14AM
Global growth to slow to 2.9% in 2019: World Bank
 
Text size
WASHINGTON - Global economic growth is projected to slow to 2.9 percent in 2019 from a downwardly revised 3 percent in 2018 amid rising downside risks, the World Bank said on Tuesday.

In its newly-released Global Economic Prospects report, the World Bank said the outlook for the global economy "has darkened" as global financing conditions have tightened, trade tensions "have intensified," and some large emerging market and developing economies have experienced significant financial market stress.

"Faced with these headwinds, the recovery in emerging market and developing economies has lost momentum," the report said, expecting emerging market and developing economies to grow at 4.2 percent in 2019, 0.5 percentage points lower than previously projected in June.

Growth in advanced economies is estimated to slow to 2 percent in 2019 from 2.2 percent in 2018, as major central banks continue to withdraw monetary policy accommodation, according to the report.

"Downside risks have become more acute and include the possibility of disorderly financial market movements and an escalation of trade disputes," the report said, warning that intensifying trade tensions could result in weaker global growth and disrupt globally interconnected value chains.

The report estimated that China's economic growth will slow to 6.2 percent in 2019 from 6.5 percent in 2018 as domestic and external rebalancing continue.

"Authorities in China have shifted to looser monetary and fiscal policies in response to a more challenging external environment...these policy steps are expected to largely offset the direct negative impact of higher tariffs on China's exports," the report said.

"At the beginning of 2018 the global economy was firing on all cylinders, but it lost speed during the year and the ride could get even bumpier in the year ahead," World Bank Chief Executive Officer Kristalina Georgieva said in a statement.

"As economic and financial headwinds intensify for emerging and developing countries, the world' s progress in reducing extreme poverty could be jeopardized," she said.

The report suggested that the "most urgent priority" for policymakers in emerging market and developing economies is to "prepare for possible bouts of financial market stress and rebuild macroeconomic policy buffers as appropriate."

"Equally critically, policymakers need to foster stronger potential growth by boosting human capital, removing barriers to investments, and promoting trade integration within a rules-based multilateral system," the report said.

Source: Xinhua
Related Articles
Over 600 US companies, associations warn White House against tariff
China's FDI up 6.8% in first 5 months of 2019
China's CPI up 2.7 percent in May
Trade war will deepen mainland-HK economic link
PetroChina Xinjiang Oilfield produces over 100 million tonnes of
China's foreign trade up 4.1% in first five months
Sinopec establish joint venture with Russian companies
China's textile industry output up 4.1% in Jan-April
China seeks to enable trade talks with US to proceed with equality,
China, Russia agree to upgrade relations for new era
 
Research
Rayon yarn market change on vortex-spun yarn operation
Development of nylon downstream sectors
Polyester supply and demand change in 2019 and outlook ...
Polyester and end-user market demand in 2019
2019 polyester feedstock market outlook and short-term ...
Direct-spun PSF market pattern change
 
 

浙公网安备33010902000742号