Global Trade Tensions Weaken Outlook For Economic Growth - UN Forecast

Sumaira FH Published May 21, 2019 | 10:12 PM

Trade tensions have dampened prospects for global economic growth this year and in 2020, the UN's World Economic Situation and Prospects report revealed on Tuesday

WASHINGTON (UrduPoint News / Sputnik - 21st May, 2019) Trade tensions have dampened prospects for global economic growth this year and in 2020, the UN's World Economic Situation and Prospects report revealed on Tuesday.

"Global growth outlook has weakened, amid unresolved trade tensions and elevated international policy uncertainty," the report said.

The UN projects growth of 2.7 percent in 2019 and 2.9 percent in 2020 compared with 3.0 percent growth from the agency's January forecast, the report added.

Escalation in trade disputes, a sudden deterioration in financial conditions, and climate change could trigger a sharper and more prolonged growth slowdown in the world economy, the report said.