Global slowdown on way, warns World Bank

Business | Reuters 10 Jan 2019

The growth of the global economy is expected to slow to 2.9 percent in 2019 compared with 3 percent in 2018, the World Bank said, citing elevated trade tensions and international trade moderation.

"At the beginning of 2018 the global economy was firing on all cylinders, but it lost speed during the year and the ride could get even bumpier in the year ahead," World Bank Chief Executive Officer Kristalina Georgieva said in the semi-annual Global Economic Prospects report.

Meanwhile, World Bank Group President Jim Yong Kim will join Global Infrastructure Partners (GIP), a private equity fund that invests in projects in wealthy and developing countries, the firm said on Tuesday, a day after Kim's shock resignation from the bank.

Kim, who joins New York-based GIP on February 1 as a partner and vice chairman, has accepted a one-year ban from dealings with any World Bank units, including its private sector lending arm, the International Finance Corp, a person familiar with his departure arrangements said.

In other news, unemployment in the euro zone unexpectedly fell in November to its lowest rate in more than ten years, official estimates released yesterday showed.

The EU statistics office Eurostat said unemployment in the 19-country currency bloc dropped to 7.9 percent in November, the lowest level since October 2008, and below economists' forecasts of an 8.1 percent rate.

The fall was partly caused by a drop of the number of jobless in Italy and Spain which still have the highest unemployment rates in the euro zone after Greece.

REUTERS

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