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Photo: Win McNamee/Getty Images

The World Bank cut its global growth forecast for the fourth straight time on Wednesday, reducing expectations by 0.2 percentage points each year for 2019, 2020 and 2021.

"Global economic growth is forecast to edge up to 2.5% in 2020 as investment and trade gradually recover from last year’s significant weakness but downward risks persist. ... U.S. growth is forecast to slow to 1.8% this year, reflecting the negative impact of earlier tariff increases and elevated uncertainty."
— World Bank statement on its Global Economic Prospects report

Zoom out: "Global growth decelerated markedly in 2019, with continued weakness in global trade and investment. ... This weakness was widespread, affecting both advanced economies — particularly the Euro Area — and emerging market and developing economies (EMDEs)," notes the report, titled Global Economic Prospects.

  • The bank also warns there's a risk of a fresh global debt crisis, with increased borrowing since 2010 leading to "the largest, fastest, and most broad-based increase in debt" among the four waves of debt buildup in the past 50 years.
"While current low levels of interest rates mitigate some of the risks associated with high debt, previous waves of broad-based debt accumulation ended with widespread financial crises. "

Why it matters: Per Axios' Dion Rabouin, this report shows the economic situation is worse than the World Bank had estimated in October, when it cut its projections for the third time.

The bottom line: Based on these projections, the global economy will likely grow slower, resulting in fewer jobs and wage increases, less new development and fewer people likely to emerge out of poverty in the future.

Read the report:

Go deeper: "A synchronized slowdown": International economic organizations lower growth forecasts

Go deeper

Using apps to prevent deadly police encounters

Illustration: Sarah Grillo/Axios

Mobile phone apps are evolving in ways that can stop rather than simply document deadly police encounters with people of color — including notifying family and lawyers about potential violations in real time.

Why it matters: As states and cities face pressure to reform excessive force policies, apps that monitor police are becoming more interactive, gathering evidence against rogue officers as well as posting social media videos to shame the agencies.

Dan Primack, author of Pro Rata
14 hours ago - Technology

TikTok gets more time (again)

Illustration: Aïda Amer/Axios

The White House is again giving TikTok's Chinese parent company more to satisfy national security concerns, rather than initiating legal action, a source familiar with the situation tells Axios.

The state of play: China's ByteDance had until Friday to resolve issues raised by the Committee on Foreign Investment in the U.S. (CFIUS), which is chaired by Treasury secretary Steve Mnuchin. This was the company's third deadline, with CFIUS having provided two earlier extensions.

Federal judge orders Trump administration to restore DACA

DACA recipients and their supporters rally outside the U.S. Supreme Court on June 18. Photo: Drew Angerer via Getty

A federal judge on Friday ordered the Trump administration to fully restore the Deferred Action for Childhood Arrivals program, giving undocumented immigrants who arrived in the U.S. as children a chance to petition for protection from deportation.

Why it matters: President Trump has sought to undo the Obama-era program since taking office. Friday’s ruling will require Department of Homeland Security officers to begin accepting new applications for DACA as soon as Monday.