Elliot Harris (C), UN Chief Economist and Assistant Secretary-General for Economic Development, speaks during a press conference on the launch of the United Nations World Economic Situation and Prospects (WESP) mid-2019 report, at the UN headquarters in New York, on May 21, 2019. The global economy is experiencing a broad-based growth slowdown amid unresolved trade tensions, high international policy uncertainty, and softening business confidence, according to the United Nations World Economic Situation and Prospects (WESP) mid-2019 report, released Tuesday. (Xinhua/Xie E)

UNITED NATIONS, May 21 (Xinhua) -- The global economy is experiencing a broad-based growth slowdown amid unresolved trade tensions, high international policy uncertainty, and softening business confidence, according to the United Nations World Economic Situation and Prospects (WESP) mid-2019 report, released Tuesday.

The growth outlook in all major developed economies and most developing regions has weakened due to a confluence of both domestic and external factors, according to the report.

Following an expansion of 3.0 percent in 2018, world gross product growth is now projected to moderate to 2.7 percent in 2019 and 2.9 percent in 2020, reflecting a downward revision from the forecasts released in January.

The report identifies several downside risks that could trigger a sharper or more prolonged growth slowdown in the world economy, potentially inflicting significant damage on development progress.

These risks include a further escalation in trade disputes, a sudden deterioration in financial conditions, and the accelerating effects of climate change.