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World Bank chief expects global economic growth to be below 2.6% this year

"We now expect growth to be even weaker than that [2.6%], hurt by Brexit, Europe’s recession and trade uncertainty," he said

OTTAWA, October 8. /TASS/. The World Bank concedes the possibility that this year’s global economic growth may drop below the 2.6% benchmark, forecasted in July, World Bank Group President David Malpass said at McGill University in Canada’s Montreal.

"Global growth is slowing. In June, the World Bank Group forecast that the global economy in 2019 would grow at 2.6%, the slowest pace in three years. We now expect growth to be even weaker than that, hurt by Brexit, Europe’s recession and trade uncertainty," he was quoted as saying on the organization’s website.

"Moreover, in much of the developing world, investment growth is too sluggish for future incomes to rise in a meaningful way," the World Bank chief added.

The World Bank said in a report earlier that global economic growth rates will drop from last year’s 3% to 2.6% this year and will only rise to 2.7% next year.

The bank’s experts expect the developed nations, including the Euro zone to slow down as a result of shrinking exports and investment. They also expect the US economic growth to slow down from last year’s 2.9% to 2.5% this year, and further to 1.7% in 2020.

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