Washington-based lender cuts its forecast for world GDP growth, blaming Donald Trump tariffs
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The World Bank has cut its forecasts for growth, blaming Donald Trump’s trade war and says the 2020s are on course to be the weakest decade for the global economy since the 1960s.
In its twice-yearly Global Economic Prospects report, the Washington-based lender reduced its forecast for global GDP growth this year to 2.3%, down from 2.7% in January.
That would be the slowest growth rate outside full-blown recessions since 2008, the World Bank said, pointing to the costs of “international discord – about trade, in particular”.
