STREAMING NOW: Watch Now

IMF says global economy will slow after 2019

The global economy is still on an upswing, but the good times may not last beyond the next year or two.The Int...

Posted: Apr 17, 2018 5:34 PM
Updated: Apr 17, 2018 5:34 PM

The global economy is still on an upswing, but the good times may not last beyond the next year or two.

The International Monetary Fund said on Tuesday it expects global growth will inch up from 3.8% in 2017 -- its fastest pace in six years -- to 3.9% in 2018 and 2019. That's in line with its most recent estimate in January.

It also upgraded its forecast for US growth in 2018 to 2.9%, up from 2.7% previously.

But things don't look as good in 2020 and beyond.

"Global growth is projected to soften beyond the next couple of years," the IMF said in its latest World Economic Outlook.

Related: China's economy hit the ground running in 2018

"Risks beyond the next several quarters clearly lean toward the downside," the report added.

The IMF listed several factors that could drag on growth, including rising protectionism, escalating political and trade tensions, and "waning popular support for global economic integration."

The World Bank made a similar prediction in January, saying growth could start flagging in the next couple of years as major economies such as the United States, China and the European Union begin to cool.

Related: IMF chief says global trade system 'in danger of being torn apart'

While President Trump's tax cuts are expected to boost US and global growth in the short term, the report warned that those effects will soon wear off as well.

"US tax reform will subtract momentum starting in 2020," the IMF said.

New York Coronavirus Cases

County data is updated nightly.

Cases: 1663248

Reported Deaths: 47935
CountyCasesDeaths
Queens2138008831
Kings2132079172
Suffolk1638853102
Nassau1498512930
Bronx1458095907
Westchester1086232109
New York1048743940
Erie657891609
Richmond576171586
Monroe52878992
Rockland38955891
Orange37441720
Onondaga32562634
Dutchess22549408
Albany20985333
Oneida19793480
Niagara15380312
Broome15028336
Saratoga12052145
Schenectady10911178
Ulster10146228
Rensselaer9103132
Putnam841886
Chautauqua7361123
Chemung6453130
Oswego603889
Ontario583989
St. Lawrence560188
Steuben5530137
Cayuga539889
Jefferson483663
Sullivan479660
Herkimer4575107
Wayne449565
Cattaraugus444876
Genesee4435118
Madison386385
Clinton368226
Livingston356856
Tompkins347242
Columbia342196
Fulton337684
Montgomery3206107
Cortland317860
Allegany290881
Warren286455
Wyoming284149
Tioga281956
Greene267071
Orleans245681
Chenango245269
Otsego237343
Washington236052
Franklin210712
Lewis207430
Seneca162753
Delaware153533
Essex135226
Schoharie122313
Yates101526
Schuyler86912
Hamilton2852
Unassigned191128
Out of NY0192
Rome
Cloudy
28° wxIcon
Hi: 26° Lo: 23°
Feels Like: 17°
Binghamton
Cloudy
28° wxIcon
Hi: 30° Lo: 22°
Feels Like: 17°
Rome
Cloudy
28° wxIcon
Hi: 28° Lo: 22°
Feels Like: 17°
Rome
Cloudy
28° wxIcon
Hi: 19° Lo: 19°
Feels Like: 17°
WKTV Radar
WKTV Temperatures
WKTV Severe Weather
Submit your Mutt Madness Picture through March 10th
March into Beautiful Skin Giveaway
2021 Golfer's Paradise Card - 21 Courses for only $99.99
Saluting Those Who Are Proud 2 Serve