According to the forecast, global economic growth will accelerate to 3.5 percent in 2020 from 3.2 percent in 2019. For developed economies, growth is expected to be 1.9 percent in 2019 and 1.7 percent in 2020. Emerging market and developing economies are expected to grow by 4.1 percent in 2019, accelerating to 4.7 percent in 2020.

Global growth is expected to pick up in 2020 mainly based on the following factors:

(1) Financial market sentiment generally supports growth

(2) Temporary drags continue to fade, especially in the euro area

(3) Some emerging market economies under pressure, such as Argentina and Turkey, are stabilizing

(4) Other economies, such as Iran and venezuela, avoided a more severe collapse

Seventy percent of the improvement in global growth forecasts for 2020 compared with 2019 comes from the expected stabilisation and recovery of the stressed economies. These factors depend on the favourable global Policy context, which ensures that Quantitative Easing policies and the accumulation of stimulus from China's Policy positions are not undermined by escalating trade tensions or the UK's disorderly exit from the EU. 

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