Global slump ahead as banks slash forecasts and predict four years of gloom 

G20 leaders
The entire world economy is set for underwhelming growth for years to come Credit: BRENDAN SMIALOWSKI/AFP

The global economy faces a prolonged slump as the US slows, the UK and eurozone struggle to recover historic growth rates and China sinks towards 5pc annual growth over the foreseeable future, economists have warned.

World GDP growth will slide to 2.7pc this year and stay below 3pc out to at least 2023, according to experts at Citibank, who trimmed forecasts for this year and next by 0.1 percentage points.

This would represent the longest spell of sub-3pc growth on the International Monetary Fund’s records going back to 1969, and is likely to put a dampener on rising pay and living conditions across the planet.

Catherine Mann, chief economist at Citi, said: “Advanced economies are expected to...

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