The World Bank expects a slowdown in economic growth in the countries of the eastern part of the Europe and Central Asia region.
The bank upgraded expectations for the Japanese economy, lifting its growth forecast to 0.9 percent, up from 0.8 percent in 2018.
Kose, who heads the World Bank's Development Prospects Group - which twice a year produces the global economic forecasts - said he hoped for a resolution but meanwhile urged governments to prepare for a hard road ahead.
"The challenging political environment could adversely affect the ongoing reform agenda and economic activity in some countries", it added.
Kristalina Georgieva, the World Bank's CEO, said the global growth is moderating from 3 per cent to 2.9 per cent in 2019.
"But what we see happening are troubling signs in terms of worldwide trade and manufacturing activities", she said.
Noting that a number of developments could act as a further brake on activity, the report said a sharper tightening in borrowing costs could depress capital inflows and lead to slower growth in many emerging market and developing economies.
For the 2020-21 and 2021-22 fiscal years, the GEP has projected a growth rate of 7.5 per cent.
The World Bank's 7.5 per cent growth projection for the next fiscal year is slightly higher than the 7.4 per cent made by the International Monetary Fund last October. The bank cut its forecast for growth in China by 0.1 point to 6.2% this year. Private consumption is projected to remain robust and investment growth is expected to continue as the benefits of recent policy reforms begin to materialise and credit rebounds. In a report that was released on Tuesday (January 8) the World Bank said India's Gross domestic Product (GDP) will grow at 7.3 per cent during the ongoing financial year.
The World Bank kept its forecast for U.S. growth unchanged, at 2.5% this year.
In the case of the Philippines, a developing economy, the World Bank said its GDP would likely grow at 6.5 percent this year.
"Now debt service is eating into government revenues, making it more hard (for governments) to fund essential social services", said World Bank CEO Kristalina Georgieva, who will replace bank president Jim Yong Kim on an interim basis when he leaves at the end of January. "To keep the momentum, countries need to invest in people, foster inclusive growth, and build resilient societies".
"Risks include uncertainties derived from US-China trade tensions that create uncertainty on the global growth outlook, persistent high inflation, although it seems to be declining already, and slower than expected public investment growth".
The US, though, is faring better in that group with a 2.9 per cent growth last year and projected growth rates of 2.5 this year and 1.7 per cent and 1.6 in the next years.
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