UN lowers global economic growth forecasts for 2019-2020

The U.N. says it is lowering its forecasts for global economic growth in 2019 and 2020 as a result of high trade tensions, uncertainty over economic policies and softening business confidence.

In its mid-year report Tuesday on economic prospects, the U.N. said that following an expansion of 3% in 2018, the world economy is now projected to grow 2.7% in 2019 and 2.9% in 2020. U.N. officials had projected 3% growth for both years in its January forecast.

The new report says the growth outlook in all major developed countries and most developing regions has weakened due to both domestic and external factors.

U.N. chief economist Elliot Harris says that "more comprehensive and well-targeted policy responses are needed to tackle the current growth slowdown."