World Economic Outlook for 2019

14 Pages Posted: 10 Jun 2019

Date Written: May 9, 2019


Recent weaknesses in the world economy have prompted a downward revision of forecasts for 2019. The baseline projection scenario points to a widespread easing of growth, albeit more so in some areas than in others, against a backdrop of high uncertainty and significant downside risks. These include, most notably, the possible proliferation of protectionist measures, a disorderly no-deal Brexit, a sharper than expected slowdown in China or in the euro area, or a severe financial market adjustment. Any – or a combination – of these events could have a significant impact on the world economy, in a setting in which there is little room for manoeuvre in macroeconomic stabilisation policies.

Keywords: global economic outlook, protectionism, Brexit, financial stress, economic policy

JEL Classification: F01, F40, E50, E60

Suggested Citation

Del Rio Lopez, Pedro and Gordo Mora, Esther, World Economic Outlook for 2019 (May 9, 2019). Banco de Espana Article 5/19 (2019). Available at SSRN:

Pedro Del Rio Lopez (Contact Author)

Banco de España ( email )

Madrid 28014

Esther Gordo Mora

Banco de España ( email )

Madrid 28014

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