World Bank: Weak economy to pull down energy, farm prices

Business
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WASHINGTON (AP) — A weakening global economy is pulling down the prices of energy and farm commodities.

The World Bank says that energy prices will drop 14.6% this year and 3.1% in 2020 and that farm prices will fall 4.7% this year and eke out 0.6% growth next year. The forecasts are sharply lower than what the anti-poverty agency was predicting in April.

Metals and minerals prices are expected to skid 5.2% this year and 1.4% in 2020.

The global economy has been decelerating, weighed down by trade tensions and a slowdown in China, the world’s second-biggest economy.

The International Monetary Fund expects the world economy to grow just 3% this year, down from 3.6% in 2018, and world trade to expand 1.1%. Both are the weakest numbers since the recession year 2009.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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