Skies darkening over the global economy: World Bank

According to the report, global economic growth is projected to soften from a downwardly revised 3 per cent in 2018 to 2.9 per cent in 2019 amid rising downside risks to the outlook.

The World Bank on Tuesday projected moderation of global growth from three per cent last year to 2.9 per cent this year, as one of its top officials described the current situation of the world economy as “darkening of the skies”.

“Global growth is slowing and risks are rising. We think that skies are darkening over the global economy,” World Bank Prospects Group Director Ayhan Kose told PTI on the occasion of the release of its Global Economic Prospects.

According to the report, global economic growth is projected to soften from a downwardly revised 3 per cent in 2018 to 2.9 per cent in 2019 amid rising downside risks to the outlook.

International trade and manufacturing activity have softened, trade tensions remain elevated, and some large emerging markets have experienced substantial financial market pressures, it said.

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