September 18, 2019
Latest News

UN forecasts global economy to grow 2.7 pct. in 2019, 2.9 pct. in 2020

 Photo provided by the United Nations on May 21, 2019, showing Dawn Holland (r), the head of the international body's monitoring unit for the world economy, chief economist Elliot Harris (c) and moderator (l) Dan Shepard with the Information Office during a press conference on the world economy in New York. EFE-EPA/Mark Garten/UN/Editorial Use Only/No Sales

Photo provided by the United Nations on May 21, 2019, showing Dawn Holland (r), the head of the international body's monitoring unit for the world economy, chief economist Elliot Harris (c) and moderator (l) Dan Shepard with the Information Office during a press conference on the world economy in New York. EFE-EPA/Mark Garten/UN/Editorial Use Only/No Sales

United Nations, May 21 (efe-epa).- The United Nations on Tuesday downgraded its forecast for world economic growth, announcing that it expects overall growth of 2.7 percent this year and 2.9 percent in 2020.

In a revision of its earlier economic outlook, the international body modified downward the figures it had published in January, when it said that it expected the world economy to grow by 3.0 percent both in 2019 and in 2020.

The downward adjustment came as a result of trade tensions and political uncertainty, a complicated confluence of internal and external factors affecting most of the developed and developing economies, the UN said.

Thus, after growing at a 3.0 percent clip in 2018, according to UN figures, the world economic growth rate is predicted to slow slightly to 2.7 percent this year, taking these adjusted figures into account, a situation that reinforces the theory that the current cycle of growth has reached its peak.

The UN predicts for 2019 that the United States' economy will grow at 2.3 percent, while the European Union's overall economy will expand at 1.5 percent, Japan at 0.8 percent and Russia at 1.4 percent.

Meanwhile, the developing economies as a group will expand at 4.1 percent, with Latin America and the Caribbean bringing up the rear with growth of just 1.1 percent.

The UN also emphasized the existence of several risks that could slow economic growth even more, mainly increased trade tensions but also a deterioration in financial conditions and the effects of climate change.

Amid the widening trade war between the US and China, the UN projects that world trade will grow in 2019 by 2.7 percent, significantly below the 3.6 percent growth achieved in that area last year.

The international organization warned that if big governments continue raising tariffs and ratcheting up the trade war the less developed economies could suffer, too, above all those whose exports depend in large measure on the larger economies.

At the same time, the UN said that the flexibility of monetary policies adopted by some central banks in response to slower growth could produce financial imbalances if they continue for a prolonged period.

News history
Tesla stock has risen this month as its 3rd-quarter numbers approach

By David Marino-Nachison

Australian Navy begins sea trials of 3rd air warfare destroyer

Sydney, Australia, Sep 16 (efe-epa).- Australia has begun the first phase of sea trials of its third and final Air Warfare Destroyer, the Department of...

Nissan Motor CEO steps down in the wake of bonus scandal

Tokyo, Sep 16 (efe-epa).- Hiroto Saikawa stepped down from his post as chief executive officer of Nissan Motor on Monday and has been replaced by Yasuhiro...

Trump says US is "locked and loaded" to respond to attack on Saudi oil

Washington DC, Sep 15 (efe-epa).- The president of the United States on Sunday warned that his administration was "locked and loaded" to respond to a recent...

Nissan CEO steps down over bonus scandal

Tokyo, Sep 9 (efe-epa).- Nissan Motor's CEO, Hiroto Saikawa, will step down on 16 September on the back of an investigation into over payments the executive...

Volkswagen to pay multi-million-dollar settlement over 'dieselgate' Australia

Sydney, Australia, Sep 16 (efe-epa).- German car giant Volkswagen has agreed to pay millions in compensation to those affected by its diesel emissions...

General Motors braces for first nationwide strike in 12 years

Washington DC, Sep 15 (efe-epa).- The United Automobile Workers trade union on Sunday called for a nationwide strike of 48,000 employees at General Motors,...

Mexico seeks to topple Brazil's Volkswagen Guinness World Record

Puebla, Mexico, Sep 15 (efe-epa).- The Mexican state of Puebla over the weekend attempted to take the Guinness World Record for the most Volkswagen vehicles...

Argentina's gov't to present new budget amid economic woes

Buenos Aires, Sep 15 (EFE).- Finance Minister Hernan Lacunza will present the proposed 2020 budget to the Argentine Congress this week, a budget that will...

World's biggest oil producer reduces output by 50 percent after Saudi attacks

By Suleiman al-Assad

Battle to power electric vehicles reaches Sweden

By William Boston

Are central banks losing their clout?

By Randall W Forsyth

Ecotourism, the answer to Latin America's rural development needs

By Maria Jose Brenes

Havana-based cigar maker says it doesn't foresee Helms-Burton lawsuits

Havana, Sep 13 (efe-epa).- Habanos S.A., a Spanish-Cuban joint venture that is a leading maker of Premium cigars, said Friday it does not believe it is at...

US pledges to increase trade with Brazil, without mentioning bilateral deal

Washington, Sep 13 (efe-epa).- US Secretary of State Mike Pompeo promised his Brazilian counterpart here Friday that exchanges of goods and services between...

Mexicans make drinking straws from reeds to curb use of plastic

Jose de Jesus Cortes

London, Sep 13 (EFE).- The London Design Festival returns this weekend to the British capital with events and facilities bringing together the best of the...

China exempts US soy, pork products from tariffs ahead of US negotiations

By Paula Escalada Medrano.

Vaping giant Juul Labs debates pushing back on US' new ban on e-cigarettes

By Jennifer Maloney

Trump's plans for oil drilling in Arctic refuge clear big hurdle

By Timothy Puko

IMF: US-CHINA TRADE WAR STARTING TO WEIGH ON GLOBAL ECONOMY

Washington, Sep 12 (efe-epa).- The International Monetary Fund said Thursday that the trade war between the United States and China is already triggering a...

Argentina’s obsession with the dollar, a vicious circle amid a crisis

By Rodrigo García

New tariffs applied on Chinese imports to the US

Beijing, Sep 12 (efe-epa).- China's Customs Tariff Commission of the State Council has postponed the planned 25 percent tariffs on 16 products from the...

EU's top diplomat visits Mexico to boost trade agreement

By Eduard Ribas i Admetlla

I agree Welcome to news4europe.eu. We use cookies to improve your online experience. Find out more.