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Wednesday, May 22, 2019, 14:03
UN lowers global economic growth forecasts for 2019-2020
By Associated Press
Wednesday, May 22, 2019, 14:03 By Associated Press

In this March 29, 2018 file photo, a cargo truck drives amid stacked shipping containers at the Yangshan port in Shanghai, China. (PHOTO / AP)

UNITED NATIONS — The UN says it is lowering its forecasts for global economic growth in 2019 and 2020 as a result of high trade tensions, uncertainty over economic policies and softening business confidence.

READ MORE: S. Korea worried about adverse impact of US-China trade row

In its mid-year report Tuesday on economic prospects, the UN said that following an expansion of 3% in 2018, the world economy is now projected to grow 2.7% in 2019 and 2.9% in 2020. UN officials had projected 3% growth for both years in its January forecast.

The new report says the growth outlook in all major developed countries and most developing regions has weakened due to both domestic and external factors.

ALSO READ: Global trade tensions 'a setback to sustainable development'

UN chief economist Elliot Harris says that "more comprehensive and well-targeted policy responses are needed to tackle the current growth slowdown."

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