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Bank of America (BofA) has cut its forecast for global economic growth to 2.2% for 2020 from 2.8% estimated earlier, as noted by popular analyst Holger Zschaepitz.

The coronavirus outbreak outside China is expected to slice 0.4% off the US and Eurozone gross domestic product (GDP) and 0.6% off China’s GDP, according to the investment bank. 

Key quotes

Risks remain very much to the downside. 

In “moderate recession” scenario growth is just 1.4% globally.

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