China report­s lowest annual econom­ic growth in nearly 30 yearsLONDON: Oil prices fell nearly 2% on Tuesday on signs that an economic slowdown in China is spreading, stoking concerns about global growth and fuel demand. The gloomy news from the world’s second-largest economy and top oil importer pulled down financial markets across Asia. In a sign of spreading economic weakness, growth in South Korea’s export-oriented economy slowed to a six-year low of 2.7% in 2018, official data showed on Tuesday. The International Monetary Fund on Monday trimmed its 2019 global growth forecast slightly to 3.5%, from 3.7% in last October’s outlook. Oil falls to $53 on surging supply, economic worries“Does that mean a global recession is around the corner?

Source: The Express Tribune January 22, 2019 15:11 UTC