2019 growth remains weak.
2019 global GDP growth estimate revised down to by 0.3% to 3%, lowest level since the Global Financial Crisis.
Key drivers of 2019 economic performance
1. China’s tapering economic growth due to reduced aggregate demand
- Regulatory tightening of shadow banking
- Trade war with US.
2. Slow down in industrial output as a result of weak external demand
3. Widening global repercussion of trade tensions.
4. Global car production decline with huge impact on Germany.
5. Impact of increased uncertainty in business confidence and investment
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