World Bank likely to cut global growth forecasts again

18 October 2019 12:10 am

(Washington) REUTERS: World Bank President David Malpass said it is likely the development lender will downgrade its global growth outlook amid uncertainty over falling trade and investment flows, but he stopped short of calling on the United States and China to resolve their trade war.

“As we look at the data today, we will probably be looking at a further downgrade from our June downgrade,” Malpass told reporters at the start of World Bank and International Monetary Fund annual meetings.

The World Bank in June cut its global growth forecast for 2019 by 0.3 percentage points to 2.6 percent, about the same level as 2016.

The IMF on Tuesday released a new forecast that showed global growth slipping to its lowest level since the 2008-2009 financial crisis, due largely to trade conflicts.