Director’s Remarks, August 2019 NIER

"The most recent international data indicates that the global output growth cycle may have peaked, and while we expect global GDP growth to continue, it will be slower than in the past two years. Tariff increases, trade disputes as well as some reduction in production in key emerging economies have contributed to slowing growth. Compared to our expectation at this time last year world growth in 2019 looks likely to be some 0.5% less than we had anticipated."