World economy to grow by 3.5 percent, report says

The world economy will see annual growth of 3.5 percent in 2019, according to a forecast by economists of the Chinese Academy of Social Sciences. The forecast was contained in a book released on Thursday.

The slowdown of world economic growth next year is attributable to the expected weakening of the US economy - the world's largest - after its elevated growth this year, as well as financial market turbulence, the limited policy tools of major economies to handle an easing and trade frictions among major trading powers, according to the authors of the Yellow Book of World Economy 2019, published by the Social Sciences Academic Press (China).

In the United States, major economic indicators such as GDP and employment have registered levels close to historic highs. That means 2018 may be a peak for the US economy, said Sun Jie, an author of the book and economist at the Institute of World Economics and Politics of the CASS, on Thursday.