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World Bank cuts global outlook as trade tumbles to decade low

The World Bank cut its 2019 global growth forecast, citing a slowdown in trade growth to the weakest level since the financial crisis a decade ago and a drop in global investment.

Photo: World Bank / Franz Mahr

The World Bank forecast that the world economy will expand 2.6 percent this year, compared with a projection of 2.9 percent it made in January and easing from an estimated 3 percent last year, the bank said in its twice-yearly Global Economic Prospects report released Tuesday. The pace will pick up to 2.7 percent next year.

"There's been a tumble in business confidence, a deepening slowdown in global trade and sluggish investment in emerging and developing economies," World Bank President David Malpass said in a call with reporters. "Momentum remains fragile."

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