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President Donald Trump steps off Air Force One upon arrival at Andrews Air Force Base in Maryland on January 14, 2019.
“China deleveraged last year a lot, they are putting a lot of effort now to have growth up again. And I think in Europe, Germany — the last quarter was very bad, but it was very much related to cars … It is not something I expect to continue this year,” he added.
He highlighted that investors will see “lower growth (this year), no doubt,” but added that he wasn’t “overly pessimistic.”
His comments follow a general trend at this year’s Forum. Overall, businesses leaders have told CNBC they expect lower growth in 2019 due to a number of factors, including the trade war between the U.S. and China.
The International Monetary Fund (IMF) added to the gloom on Monday, revising down its estimates for global growth and warning that the expansion seen in recent years is losing momentum.
The Fund now projects a 3.5 percent growth rate worldwide for 2019 and 3.6 percent for 2020. These are 0.2 and 0.1 percentage points below its last forecasts in October — making it the second downturn revision in three months.
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