Global growth is forecast to ease to 2.6% this year, reflecting weaker-than-expected trade and investment, the World Bank said in its semi-annual report. The 2019 growth outlook was revised down from 2.9%.

Growth is projected to gradually rise to 2.8% by 2021, predicated on continued benign global financing conditions and a modest recovery in emerging market and developing economies.

The bank cautioned that risks to the outlook remain firmly on the downside, including the possibility of escalating trade tensions.