Global economic growth is slowing, especially in advanced economies. The IMF projects global growth of 3.2% in 2019 and 3.5% in 2020. Growth in emerging markets remains higher at around 4-5% while advanced economies are expected to grow around 1.5-2%. Several factors are contributing to the slowdown, including falling global trade volumes, sharply lower bond yields signaling concerns about the global economy, and weaker euro area manufacturing outlook. However, the euro area unemployment rate remains at almost an all-time low and inflation expectations have declined.