FAST FIVE: UN Warns Of Slowbalisation As Economic Growth In 2019 Plunged To Lowest In Decade
UN Warns Of Slowbalisation As Economic Growth In 2019 Plunged To Lowest In Decade The U.N.'s annual report, the World Economic Situation and Prospects 2020, has said the global economy recorded its lowest growth in a decade in 2019, falling to 2.3% as a result of the US and China trade war and sharp pullbacks in investment. The report warns of slowbalisation will define the global economy in the early 2020s.
Growth is expected to pick up slightly across the world from 2.3% last year to 2.5% in 2020, but that depends on the effectiveness of monetary policy and if all trade disputes can be resolved. The U.N.
It said that slowbalisation “threatens to undermine progress towards eradicating poverty, raising living standards, and creating a sufficient number of decent jobs.” To give readers a sense of the below-trend growth seen across the world, actually starting before the trade war.
said the epicenter of the slowdown is the “global manufacturing” recession that spread across most G20 countries. It said the shift in trade policies between the US and China also led to declining investment in major economies and will lead to slower economic growth in the years ahead.
“A significant number of countries are still suffering from the effects of the 2014-2016 commodity price downturn, which has resulted in persistent output losses and setbacks in poverty reduction,” the U.N.