It said the global economy is expected to slow at 2.9 per cent comparing it to 3 per cent in 2018.
The revelation was made in the semi-annual Global Economic Prospects report released on Tuesday, January 8, 2019.
The Chief Executive Officer of the World Bank, Kristalina Georgieva who signed the report revealed that at the beginning of 2018, the global economy was firing on all cylinders, but it lost speed during the year and the ride could get even bumpier in the year ahead.
This revelation according to the World Bank comes as a result of the bitter trade dispute between the United States and China. This dispute has jolted financial markets across the 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 the two countries prepared to enter the third day of talks in Beijing.
The World Bank has then said that the growth in the 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 the year compared with 6.5 per cent in 2018.
Meanwhile, the regional growth of Sub-Saharan Africa is expected to accelerate to 3.4 per cent in 2019.
The World Bank further said the growth in Nigeria is expected to rise to 2.2 per cent in 2019, assuming that oil production will recover and a slow improvement in private demand will constrain growth in the non-oil industrial sector.