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The World Bank has significantly downgraded its forecast for global economic growth in 2019, now estimating an increase of only 2.3%. This revision reflects the adverse effects of escalating trade barriers.
The primary factors behind this lowered forecast include rising trade tensions and tariffs stemming from ongoing conflicts. While the report did not explicitly mention specific countries, experts commonly link these trade wars to policies introduced by the United States.
According to World Bank data, the impact of these trade disputes extends beyond the U.S., affecting numerous countries by causing:
- Reduced investments
- Disruptions to supply chains
This slowdown in economic progress marks a substantial shift from previous, more optimistic growth predictions.
Economists have issued warnings that if trade restrictions persist or intensify, the global economy may encounter additional difficulties. Consequently, many nations are reconsidering their trade policies to prevent prolonged economic harm.
The report highlights growing concerns about the rise of protectionism and its repercussions on international markets. It emphasizes the importance of cooperative efforts among governments to:
- Reduce trade tensions
- Promote open trade
- Support sustainable economic growth
For ongoing coverage and updates, stay tuned to Questiqa USA.
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