The growth of global economy is expected to slow to 2.9 per cent in 2019 compared with 3 per cent in 2018, World Bank said on Tuesday, citing elevated trade tensions and international trade moderation."At beginning of 2018 global economy was firing on all cylinders, but it lost speed during year and ride could get even bumpier in year ahead," World Bank chief executive officer Kristalina Georgieva said in semi-annual Global Economic Prospects report.The World Bank outlook comes as United States and China have been engaged in a bitter trade dispute, which has jolted financial markets across world for months.
The two economies have imposed tit-for-tat duties on each other's goods, although there were signs of progress on Tuesday as two countries prepared to enter a third day of talks in Beijing.Growth in United States is likely to slow to 2.5 per cent this year from 2.9 per cent in 2018, while China is expected to grow at 6.2 per cent in year compared with 6.5 per cent in 2018, according to World Bank.Emerging market economies are expected to grow at 4.2 per cent this year, with advanced economies expected to grow at 2 per cent, World Bank said in report.