Growth in the volume of global industrial production and trade slowed in H1 2019 to the lowest levels since the global financial crisis (GFC) in 2009. The IMF cut its 2019F global GDP growth forecast in April 2019 to 3.3%, also a post-GFC low, citing factors affecting major economies such as increasing trade tensions, tariff hikes, tighter financial conditions and weakening business confidence. The private sector consensus forecast for 2019F global GDP growth also dropped in H1 2019