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World Bank Chief Malpass Sees Steeper Global Growth Slowdown

  • Malpass notes weaker growth in China, Argentina, India, Mexico
  • 2019 growth may miss bank’s earlier 2.6% projection: Malpass

World Bank President David Malpass said the global economy is poised to decelerate more than previously estimated, with the pile of negative-yielding debt indicating growth will be slower in the future.

“The slowdown in global growth is broad based,” Malpass said Tuesday in a speech in Washington. Recent developments signal the 2019 world expansion will likely to fall short of the lender’s June projection of 2.6% in real terms, Malpass said. The nominal growth rate appears poised to slow to less than 3% -- “a big letdown” from the about 6% pace in 2017 and 2018, he said.