• UN: Global Economy To Grow 2.5% In 2020, S. Korea 2.3%

The world’s economy is likely to grow 2.5 percent this year.
The world’s economy is likely to grow 2.5 percent this year.
The United Nations says the world's economy is likely to grow 2.5 percent this year, as well as moderate growth for South Korea.

The World Economic Situation and Prospects 2020 released on Thursday said global growth hit a 10-year low of 2.3 percent in 2019, but "growth of 2.5 percent in 2020 is possible."

However, it also warned growth could slow to just 1.8 percent if risks are not kept at bay such as a flare-up of trade tensions, financial turmoil or an escalation of geopolitical tensions.

South Korea is forecast to experience a modest rebound rising from 2 percent in 2019 to 2.3 percent this year.

The report said the government's planned increase in fiscal expenditures will boost domestic demand, particularly for private consumption, although export growth will likely remain sluggish amid high downside risks arising from the slowing electronics business and an ongoing trade row with Japan.

As for the leading economies, it projected the U.S. growth rate to slow sharply to 1.7 percent, a slight ease in growth for China at around 6 percent and a slight rise for the European Union to 1.6 percent.■

<Photo: Yonhap News>

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