World Bank growth forecast – With escalating trade tensions around the globe in recent months, the World Bank has cut its target for global growth in 2019 from the 2.9% given in January, to 2.6%. This forecast would suggest that growth in 2019 would be the weakest since the financial crisis of 2008. The International Monetary Fund has recently suggested that the trade disputes between the US and China would subtract around 0.3% of global GDP.
UK data – The IHS Markit UK Manufacturing Purchasing Managers’ Index figure fell to 49.4 in May, down from 53.1 in previous months. May’s figure indicates the first month of manufacturing contraction since July 2016, with new orders falling to a 3 year low as demand for exports from Europe and Asia has fallen to a four and a half year low.
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