The World Bank recently released its global economic forecasts for the year 2019. The global lender cited trade wars to be the reason behind expecting a lower growth number than previously anticipated in January.
It should also be noted that all six global regions, namely East Asia and the Pacific, Europe and Central Asia, Latin America and the Caribbean, Middle East and North Africa, South Asia and sub-Saharan Africa, have lower growth forecasts in the latest report.
The report also mentions that there’s been a tumble in business confidence, a deepening slowdown in global trade and sluggish investment in emerging and developing economies.
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