Global economic growth is likely to be slightly faster this year than 2019 according to a forecast by World Bank. World economy is likely to rise by 2.5% in 2020 up from 2.4% last year. This seems like an expected recovery in emerging and developing countries, which underwent complications in 2019.
The growth was the slowest in 2019, sources reveal. India is predicted to do well this year after a slowdown in growth last year. Brazil is expected to grow strongly this year. Mexico and Turkey should see growth this year after a no growth last year.
It seems that the economy in Iran will stop declining this year and the growth is expected to return in 2021 but this can also be halted because of tension and violence that has taken place in the last few days. The disruption in oil production in Saudi Arabia in mid-September highlights the tension in the Middle East.
There have been events in the past when tension in the Middle East have led to higher oil prices and this contributes to global recession.