UN forecasts trade war to hammer global export growth - FT
In the latest report published by the United Nations Economic and Social Commission for Asia and the Pacific on Wednesday, the United Nations (UN) predict that the US-China trade war will cause global trade to slow in 2019, cutting the growth of exports to 2.3% compared to the nearly 4% growth seen this year.
Key Highlights (via FT):
“The world's largest trading region, would see a net loss of 2.7m jobs due to the trade war with unskilled workers.
Global trade “decelerated significantly” in the second half of this year, and that tariff hikes that had already taken place were expected to cut global GDP by $150bn and GDP in Asia by a little over $40bn next year if they remained in place.
The report also calculated the likely cost of what the UN called “a full-blown trade war”.”