Global economy to grow 2.5% this year, up only slightly from 2.4% growth in 2019, the weakest performance since the 2008 financial crisis.
Report calls for open markets, reduced subsidies and government involvement.
Since the World Bank was formed in the mid-1940s, the World Bank has always been led by an American.
The International Monetary Fund cites heightened trade tensions and rising US interest rates.
Also forecasting solid growth of 3% in 2019 and 2.9% in 2020 after 3% expansion in 2017
Global trade is expected to grow 4% in 2017, the fastest in three years.
A call for nations to “resist all forms of protectionism” absent from latest communiqué.
The IMF, WTO and World Bank suggest making it easier for people to switch careers or move where jobs are.
Cite benefits of globalization, but warn of protectionism as a threat.
More pessimistic than the IMF’s outlook for 3.2% global growth this year.
Balance the risk and reward.
We sit ninth overall out of 189 in worldwide ranking.
Economic expansion forecast reduced to 3% from 3.4%.
New $100 billion bank is seen as a strong push against the World Bank and the International Monetary Fund.
Lagarde warns about the dangers of overemphasizing deficit reduction.