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World Bank downgrades global growth forecasts, poorest countries hardest hit
06.06.2019 14:11 "Agro Perspectiva" (Kyiv) —
The World Bank has lowered its expectations of global economic growth for this year, UN Radio says referring to the World Bank new report.
As to the report, although the picture for poorer countries is expected to stabilize as of 2020, economic momentum remains weak.
While commenting on the report, World Bank Group President David Malpass has admitted the risks to emerging and developing economies include rising trade barriers, slow investment, and economic slowdowns within richer countries. «Stronger economic growth is essential to reducing poverty and improving living standards,» he said.
It is urgent, he added, that countries make significant reforms to improve the climate for business, and attract investment. «They also need to make debt management and transparency a high priority so that new debt adds to growth and investment,» Malpass emphasized.
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