The global GDP growth for 2019 is now forecast at 3.1 percent, Trend reports citing OPEC’s Monthly Oil Market Report for August 2019.
It is a slight downward revision from the previous month’s report, while growth remains forecast at 3.2 percent for 2020, according to the report.
OPEC said that the US economic growth forecast for 2019 is revised down by 0.2 percentage points to 2.4 percent, after significant data revisions by the US statistical office, while GDP growth for 2020 remains at 2 percent.
“The Euro-zone’s growth estimate remains at 1.2 percent for 2019 and is also forecast at 1.2 percent in 2020. Japan’s unchanged low growth of 0.5 percent in 2019 is forecast to continue at the same level in 2020. China’s 2019 growth forecast remains at 6.2 percent and is expected to slow down to percent in 2020. India’s growth forecast remains unchanged at 6.8 percent for 2019, and is anticipated to pick up in 2020 to 7 percent. Brazil’s 2019 growth forecast is unchanged at 0.9 percent, and is projected to reach 1.7 percent in 2020,” reads the report.
The cartel said that after low 1Q19 growth, Russia’s growth forecast for 2019 was revised down by 0.1 percentage points reaching 1.3 percent, and remains at 1.4 percent through 2020.
“Large uncertainties remain. While the growth forecast currently assumes no further risks until they actually materialise, and, in particular, that trade-related issues do not escalate further, the downside risk to world economic growth is predominant,” said OPEC.