The World Bank has downgraded its outlook for the global economy in 2019.
In a report titled "Darkening Skies," the bank said Tuesday that it expects the world economy to grow two-point-nine percent in this year, down from the three percent it forecast back in June last year.
As reasons for the downgraded projections, the bank cited rising trade tension, weakening manufacturing activity and growing financial stress in emerging-market countries.
The bank kept its forecast for the U.S. economy unchanged at two-point-five percent for 2019, while lowering its growth outlook for China from six-point-three percent to six-point-two percent.
The bank slashed its forecast for emerging countries from four-point-seven percent to four-point-two percent this year.
It projected the global economy to grow two-point-eight percent in 2020 and 2021.