The United Nations estimates the global economy will grow by more than three percent this year and next year, but warned that rising risks could trigger "shocks for investment and trade" and a sharp decline in growth rates of 1.8% by 2019.
The UN's mid-year report on the World Economic Situation & Prospect, launched on Thursday (17/5), said global economic growth exceeded expectations, reflecting further growth in developed countries and widespread investment conditions.
But the report says "the risk of economic downturn" has risen, including the "greater the likelihood of trade conflicts among the major powers."
A UN official said among other things was the imposition of import tariffs by the Trump government in January and a counter-rate proposal from China, as well as renegotiation of trade agreements with Mexico and Canada.