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The global economy is more likely to suffer a deeper slowdown than a synchronized recovery despite rate cuts by multiple central banks,  according to economists polled by Reuters in recent weeks.

Key points

The consensus for global economic growth in 2020 has been cut to 3.1%, the lowest since polling began, from 3.3% in the previous poll in July and lower than the International Monetary Fund’s latest downgraded forecast of 3.4%.

The ECB’s latest round of easing is not expected to significantly help in bringing tepid inflation in the Eurozone back to target.  

The risk of recession in the Eurozone over the next two years has increased.

More central banks around the world, led by the Fed and the ECB, are cutting rates. Fiscal stimulus is imminent, too, but yield curves still seem to be signaling a recession, HSBC’s global chief economist Janet Henry wrote in a note to clients.