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Global economy facing lots of challenges in the next year as per World Bank

The administration of Trump and their trade issues with China have appeared to be reaching a reprieve. This is something that the economy of the world, that has been damaged in a bad way in the war, must be welcoming. However, the economy around the globe is still facing a lot of major challenges when it comes to growth in the year 2020.

The economists at World Bank have been forecasting the growth worldwide of a level of 2.5% in the year which was up by the level of 0.1percentage point from one year ago, as both the trade and investments are recovering from the trade war shock slowly.

Even after that, it is below the economy of the world’s rate of trending of 3% as it left it in what had been referred to as the recession of growth.

A subset of the economies in the emerging markets with the inclusion of China are going to be the driver of this modest expansion in the world.

The developed markets are going to grow just at the level of 1.4% which is less than the growth which had been in the year 2019 due to the problems in the manufacturing sector.

The manufacturing sector of America, for example had contracted for almost the entire second half of the year 2019 as this trade war had caused the rise in the material cost and the slowdown of demand.

The GDP growth for the year 2020 has been forecast at a level of 1.8% as it reflects the negative problems of the increase in the tariffs and the elevated levels of uncertainty as per the World Bank.

Joyce Solomon
Author Details
ASSOCIATE EDITOR At Global Industry News 24

Joyce Solomon completed B.E. in Computer Engineering and started working as a Technology Analyst. But, her zeal to write the latest trends in the Technology domain persuaded her to work as an Associate Editorial for Global Industry News 24’s Technology domain news section. She has a total experience of approximately 5 years. By providing excellent-quality news reports, she has made a significant contribution to Global Industry News 24’s Technology section. Her leadership and problem-solving skills have always helped her to rise above the challenges. Along with the strong writing skills and a very good grasping power, Joyce is passionate about learning the latest technology and tools that can help her advance her productivity.

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