The global economic outlook remained subdued over the past quarter due to an economic downturn in Europe and prolonged trade disputes between China and the US. After strong growth peaking at close to 4% in 2017 and at 3.8% in early 2018, global economic growth slowed notably to 2.4% in 2019. The current situation reflects a confluence of factors affecting major economies: economic activity in Europe remains modest as a result of weakness in trade and manufacturing, while China’s growth rate is expected to fall below 6% this year for the first time since 1990, according to the World Bank.

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