Tuesday, 17 September 2019, 03:54:39 pm
World Bank lowers its expectations of global economic growth
June 07, 2019

FILE PHOTO

World Bank in a new report has lowered its expectations of global economic growth for this year.

In a statement in Washington, World Bank Group President, David Malpass, said although the picture for poorer countries is expected to stabilize in 2020, economic momentum remains weak.

He said the risks to emerging and developing economies include rising trade barriers and slow investment while economic slowdowns in richer countries.

David Malpass said stronger economic growth is essential to reducing poverty and improving living standards.

He said countries need to make significant reforms to improve the climate for business and attract investment.