World Bank warns brewing trade war endangers global economy

The US-China trade dispute already is inflicting collateral damage. [Photo: AFP]

Trade conflict between the world's two largest economic powers already is inflicting collateral damage and threatens to do yet more harm to the global economy, the World Bank warned Tuesday.

And the global slowdown is beginning as government and corporate debt rise, especially among the poorest countries, while mounting interest rates increase borrowing costs, the bank said in its semi-annual Global Economic Prospects report.