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"Even in the best-case scenario of limited outbreaks in countries outside China, a sharp slowdown in world growth is expected in the first half of 2020 as supply chains and commodities are hit, tourism drops and confidence falters," the Paris-based group said in a report.

"Duan joined BMBS shortly after its inception and since then has brought his leadership, vision, diligence and insight to our endeavor," said Nicholas Speeks, president and CEO of BMBS.

"Dairy farmers are just coming out of a period of low prices that's based in 2015; however, prices in 2019 were at their highest since 2014. So, it seems like some of the cyclical price issues that farmers have been facing are working themselves out."

"Despite lacking a mature value chain, that lower-frequency band will cover a larger area and offer continuous network coverage."

"Economic history clearly shows that trade wars not only hurt global growth, but they are also unwinnable," said Lagarde.