WB: Global economy slows down in 2019

Growth of the world economy is expected to slow to 2.9 per cent this year and 2.8 per cent in 2020, slightly below the previous forecast, and the estimates for nearly all regions and countries were downgraded. This is attributed to the negative impacts from elevating trade tensions and fluctuations in global financial markets. The report sharply downgraded the growth forecasts for key emerging market economies like Mexico, South Africa and Russia.