Factors such as Brexit, trade fights and other such geopolitical crises have been attributed as the causes for this slowdown.
But Celasun said the policy was working to the contrary, pointing out that Nigeria's growth has been weak, even as he gave hope that growth would pick up next year with support from the agricultural sector, which will enable the country to spend more on priorities, such as social safety and infrastructure. That said, the outlook remains precarious.
The discount in India's progress projection for this yr "reflects a weaker-than-expected outlook for domestic demand", WEO mentioned.
The detrimental effects of trade uncertainty have affected investment although employment and consumption are stable thanks to policy stimulus, the report added.
This comes just two days after the World Bank too had revised India's growth projection for the financial year 2019-20 from 7.5 per cent to 6 per cent. Making growth more inclusive, which is essential for securing better economic prospects for all, should remain an overarching goal. Together with that, forecasts released at the Federal Open Market Committee meeting show that unemployment rate in the United States will increase from 3.4% in 2019 to 3.7% in 2020 and 3.8% in 2021.
"We welcome the steps to deescalate tensions and roll back recent trade measures, particularly as they can provide a path towards a comprehensive and lasting" resolution, she said in a briefing with reporters.
This trend has been exacerbated by slower demand in some emerging markets like Turkey, and above all in China, where the end of tax breaks for auto buyers has hurt demand. "India's economy is set to grow at 6.1 per cent in 2019, picking up to 7 per cent in 2020. And we hope that there will be a notable pickup in growth over the medium term, which is sorely needed in Pakistan to lift the living standards", he said.
In an economic slowdown only half as severe as the last crisis, a stunning $19 trillion in debt held by companies in eight major economies could be at serious risk, the International Monetary Fund warned in its latest Global Financial Stability Report.
The IMF has estimated that the US-China trade tensions have reduced the expected level of global GDP by 0.8 percent for 2020.
"In our projections, we have that India would recover to seven per cent growth in 2020", Gopinath mentioned.
International Monetary Fund expects a surplus in the balance of payments of Azerbaijan at 9.7 percent of GDP in 2019, while 10 percent in 2020.
The report itself acknowledged that the risks to its baseline outlook were "significant".
"This subdued growth is a outcome of rising trade barriers, elevated uncertainty surrounding trade and geopolitics, idiosyncratic factors causing macroeconomic strain in several emerging market economies, and structural factors, such as low productivity growth and aging demographics in advanced economies", the Fund said.
"Financial market sentiment could deteriorate, giving rise to a generalised risk-off episode that would imply tighter financial conditions, especially for vulnerable economies".
Australia has so far been a big victor of the global slowdown sparked by the United States and China's trade war, with China spending on infrastructure and buying raw materials from Australia.