Trade war between the world’s two largest economic powers already is inflicting collateral damage and threatens to do yet more harm to the global economy, the World Bank warned Tuesday.
And the global slowdown is beginning as government and corporate debt rise, especially among the poorest countries, while mounting interest rates increase borrowing costs, the bank said in its semi-annual Global Economic Prospects report.
The report was markedly more pessimistic than a year ago — when the outlook was for synchronized global growth — and peppered with exhortations to take “urgent,” “imperative” or “critical” action.
“Risks are rising,” senior World Bank economist Ayhan Kose told AFP. “The global economy is going through a difficult period. Skies are darkening and we see the global economy slowing.”
Growth of the world economy is expected to slow to 2.9 percent this year, and…
Source: News Agency of Nigeria
